Playtech is delighted with its $105 million acquisition of CDF trading business AvaTrade.
Online gambling software giant Playtech has announced that it’s going to acquire the currency-trading platform AvaTrade for $105 million.
The move is the latest in a string of online trading business acquisitions by Playtech as it seeks to diversify its offering beyond its casino, recreations betting and poker operations, at a time when the online gambling industry is coming under stricter regulatory and financial burden.
In Playtech bought Plus500 for £460 million ($718 million) february.
Plus500, like AvaTrade, in a ‘contract-for-difference’ (CFD) broker that allows customers to speculate on areas and trade on motions of a market price without owning those assets.
In April this year, Playtech acquired TradeFX, a trading platform and payment solutions provider, for €208 million ($230 million).
Two Million Trades per Month
Founded in 2006, AvaTrade has 20,000 registered customers who execute a lot more than two million trades per month. The business’s total trading volumes surpass $60 billion per according to its website month.
‘The Ava Group is just a well-recognized and established online CFD broker with multiple regulatory licenses and a customer that is strong with insignificant geographic overlap because of the TradeFX Group,’ said Mor Weizer, CEO of Playtech. ‘We are very excited concerning the opportunities for the Group arising from the combination of the Trade FX Group and the Ava Group which we are confident will deliver long term value for Shareholders.’
‘The acquisition of the Ava Group is another important milestone in Playtech’s strategy to expand and enhance its general technology offering through multiple vertical areas,’ he added. ‘Since the present earnings-enhancing acquisition of TradeFX and also the creation of our financials unit we have tried further opportunities to broaden our reach into this straight.’
Meanwhile, Optimal Payments has announced that it expects to complete its acquisition of rival on line payment provider Skrill by the end of the month.
The company will acquire Skrill in a reverse takeover deal for €720 million ($799.7 million) and 37,493,053 new shares that are ordinary.
‘Completion of the acquisition of Skrill stays subject to regulatory approval by the UK’s Financial Conduct Authority, which is anticipated to be made no later than 30 July 2015, unless the FCA exercises its statutory right to interrupt the consideration period,’ Optimal said in an official statement. ‘Completion of the acquisition will take place shortly after the receipt of FCA approval.’
Optimal said the deal will be ‘transformational and value improving’ for the organization, helping it to become the ‘leading payment and electronic wallet provider with significant international scale and reach.’
Jackpot Digital Buys PokerTek
Finally, capping down a busy week for the industry’s M&A lawyers, computer software provider Jackpot Digital has announced a deal that will view it acquire all the assets of PokerTek from Multimedia for $5.4 million.
PokerTek, which builds table that is electronic, has produced approximately $3.5 million in the last year, and Jackpot Digital said the integration of its existing platform with all the acquired assets would ultimately improve user-experience while increasing revenue for the company.
New Jersey Online DDoS Attacks on Regulated Web Sites Arrive with Bitcoin Ransom Notes
Present New Jersey DDoS attacks on unnamed regulated sites were combined with a ransom note future that is promising more severe attacks should organizations not comply. (Image: rodin.com.au)
DDoS (distributed denial of solution) is not a reality that any online gaming company ever wants to handle, but some regulated New Jersey web sites had to do just that last week.
New Jersey’s fledgling online gambling industry has been targeted, evidently for the very first time, by these distributed attacks.
Late week that is last at least four unnamed sites were derailed by a hacker, or hackers, who flooded the sites’ bandwidths with traffic, making them inoperable, and ultimately taking them offline for around half an hour.
The attacks were accompanied by a ransom note for an undisclosed sum, payable in Bitcoin, with a risk of a much more serious assault to follow.
Not Brand New, But Frustrating
DDoS attacks aren’t anything brand new for the gambling that is online, of course. In fact, they are because old as the industry itself, but there are suggestions that incidents of the unwelcome actions have been growing. Some specialists even claim that assaults across all online industries actually doubled in 2014.
High-profile operators on the getting end last year included Betfair, that has been targeted on Grand National day, the biggest UK horse race meet of the year in terms of betting.
Attackers usually time their efforts to coincide with big sporting events in the hope that operators will just pay up rather than lose business. PokerStars, Unibet, and state that is swedish monopoly Svenska Spel will also be all present victims.
Chances of Prosecution Slim
Regardless of the interruption that is initial it appears that the situation is currently stable and has been effectively dealt with by the latest Jersey market’s cybersecurity teams. The battle between online gambling sites and the hackers is one of pet and mouse, of strategy and counterstrategy: as safety technology improves, therefore do the hackers’ efforts to breach it.
Nj Division of Gaming Enforcement President David Rebuck said this that the matter was now being investigated by state police, the FBI, and the New Jersey Office of Homeland Security and Preparedness, as well as his own organization week. The various agencies, he said, were hunting a ‘known actor’ who had ‘done this before.’
Opportunities of prosecution are slim, however. To date, only two men have been convicted for launching DDoS attacks. Those had been two UK-based Poles whom made the error of threatening an operator they knew individually and agreeing to meet up him in a hotel room. The operator, of course, brought the police with him. In 2013, the hapless pair were sentenced to 5 years in jail by way of a court in the united kingdom.
Such attacks are maybe not limited to online gambling, of course. In February 2014, Las Vegas Sands Corporation (LVS), owned by anti-online curmudgeon Sheldon Adelson, ended up being put through a massive cyber assault that ended up being thought to possess emanated from Iran. On February 10, LVS ended up being plunged into chaos as computers began flatlining and servers shutting down. Difficult drives were wiped clean as spyware ripped through the company’s networks.
The decision was taken to sever the multibillion dollar operation completely from the Internet as hackers began compressing and downloading batches of sensitive files, comprising everything from high-roller credit checks to details of global computer systems.
The attack caused an estimated $20 million worth of damage. The attackers subsequently claimed their DDoS actions was in fact been inspired after hearing remarks made by Adelson in 2013 about ‘dropping the bomb’ on Iran.
NY Casino License Bidding Process Receives One Applicant
Tiago Downs, the single bidder for the 4th NY casino license, proposes an improved expansion package having didn’t impress last December. (Image: weny.com)
Regulators in New York State have actually slim pickings whenever they come to decide on the winner of the fourth Upstate casino license in the economically deprived Southern Tier region.
Just one single contender submitted a proposition for Monday’s deadline, while a rival pulled away at the eleventh hour.
The Tioga Downs racino in Nichols is the main one and only applicant for the certain area, having a $195 million expansion proposal to its current facility.
The aborted proposition, from businessman Jeffrey C. Hyman, had been pulled having been dealt ‘a fatal blow’ by their state’s Department of Environmental Conservation.
Hyman said his project would have been ‘seismic,’ which may have been what the environmental people had been complaining about in the place that is first particularly considering there is an ongoing debate about fracking in the area.
Unfortunately, Jeff Gural, owner of Tioga Downs, neglected to impress the Gaming Control Board at the initial licensing hearing with his project in December 2014, although he has since come up having an improved package.
Back then, the board recommended three casino licenses, for Monticello, in the Catskills; Schenectady; and the Finger Lakes area, snubbing the Southern Tier and Tioga Downs entirely, despite having been granted the abilities to recommend a license that is fourth.
Gural had been furious during the decision and very critical of the board. He argued that a casino in the Southern Tier could be perfectly rational, because the closest competitor is Mohegan Sun at Pocono Downs, 90 kilometers south in Wilkes-Barre, Pennsylvania
‘It’s got nothing to do I have enough money,’ he fumed with me. ‘ But the social individuals associated with the Southern Tier?’
‘And what really pisses me down,’ he continued, warming to his theme, ‘is the governor asked me to spend $800,000 of my money to pass Local Law 1, Proposition One [on the expansion of casino gaming]. What was that all about? I mean… the whole thing is sickening to be honest with you.’
Such ended up being the outcry among locals, in reality, that Governor Andrew Cuomo intervened, requesting that the Gaming Commission reconsider.
‘As this would end up being the last permit released in New York State, it may excite national competition by interested parties that submit better yet applications than the initial round,’ advised Cuomo. ‘If you agree to the request, the [casino board] should quickly establish a procedure for the license that is fourth could be complete as expeditiously possible, due to the fact Southern Tier needs jobs and investment now.’
The board complied, a choice it would likely now regret, itself facing a ‘bidding war’ of one and under political pressure to award a license to a man who has recently been highly critical of its decision making processes as it finds.