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London-based International Game Technology (IGT) is quite the multitasking company.
On April 6, it was responding to a Rhode Island court about why it should rule on the US Department of Justice‘s 2018 anti-iGaming interpretation of the Wire Act.
On April 11, IGT announced it was acquiring London-headquartered iGaming content provider iSoftBet for €160 million in cash ($174 million US).
IGT CEO Vince Sadusky said on April 11:
“This will enhance [IGT] PlayDigital’s competitive capabilities with a proven, complementary content portfolio across Europe and North America as we provide best-in-class games and technology to our fast-growing iGaming customers.”
Indeed, IGT has its origins in the retail slots and lottery technology sectors. Its history dates back to 1975, long before online gambling existed at all. However, it is also a force in iGaming and online sports betting technology, and increasing its focus on those products. The iSoftBet deal represents a significant boost to its online slots catalog.
The acquisition means IGT’s titles, like Wheel of Fortune, Ghostbusters and Cleopatra slots, will be joined by iSoftBet’s variations on Hold and Win, Megaways, Ultrabet and Megaboard.
IGT’s US online casino games are available to online gamblers in five states through “leading online gaming operators,” IGT said on March 21 in its announcement about entering the West Virginia iGaming market.
In that state, IGT expected bettors to care about games such as:
FanDuel and Penn National Gaming are among IGT’s operator partners who may benefit from the deal.
In addition to iSoftBet’s 125 proprietary games, IGT is gaining more than 4,600 third-party games on iSoftBet’s aggregation platform.
The deal is slated to be finalized in Q2 2022.
Before news of the deal registered with investors on April 11, IGT stock was $22.80. It rose to $23.55, as of market close yesterday.