egaming review magazine
US land-based slots manufacturer IGT is believed to be close to signing a deal to acquire US egaming software firm WagerWorks.
The deal is believed to be worth in excess of US$50m, and details are expected to be finalised in the next few days.
WagerWorks was believed to be pursuing a float on the London Stock Exchange.
It recently opened a corporate office in London and moved some members of senior management to the UK.
But sources have confirmed it appears to have elected to raise money through a trade sale.
And as the only major egaming software firm to not accept bets from the US it is a prime acquisition target for US land-based operators.
WagerWorks has an existing relationship with IGT, with the firm providing software for some of IGT's slot machines.
However, its core business is providing software and support services for online casino and poker operators.
It currently provides casino and poker software to Virgin Games and Get Minted in the UK, as well as powering casinos for Blue Square, Skybet and Paddy Power.
It also recently launched a real-money poker site in association with the World Poker Tour.
IGT is one of the giants of the US gaming sector, with recently reported results for the quarter ended June 2005 showing net income of US$114.7m.
