IGT Buys Facebook Developer DoubleDown Interactive

IGT has recently purchased DoubleDown Interactive, developer of DoubleDown Casino for Facebook, for an amount that can reach $500 million.

Nevada-based slot machine manufacturer giant International Game Technology (IGT) expands further into the online domain by purchasing the developer of the Facebook gambling application DoubleDown Casino, DoubleDown Interactive, LLC. The DoubleDown virtual casino has been running since 2010 and currently entertains 4.7 million active users per month.

IGT paid $250 million for the company and will add another $85 million in the course of the next two years, in addition to a performance-based payout that can reach up to $165 million, totalling at around $500 million. With this purchase, IGT prepares for a regulated online gambling market in the USA; through the extremely popular DoubleDown Casino, they can reach a huge US player pool.

"As technological innovations increasingly influence consumer behavior, social dynamics are quickly transforming entertainment and gaming experiences everywhere. The addition of Double Down launches IGT into a leadership position in social gaming, extends our global reach through new mediums, and leverages our unmatched expertise in game development. We intend to drive meaningful value from this rapidly growing distribution platform that reaches a new, but complementary, demographic of gamers," Patti Hart, IGT chief executive stated.

IGT bought the Entraction network back in May, 2011 for £70 million; Entraction is one of the most dynamically evolving networks, currently placed 13rd on the market money list. Since its acquisition by IGT, their ambition is even stronger, planning to invest a great deal of money in further development over the next couple of years. Their aim is to make it directly to the top tier where they can compete with networks like iPoker.