$65.4 million deal
Fairground Gaming has made a $65.4 million deal to buy online casino Spin Palace. The Agreement was settled last month, in which the money will be paid in two installments: $45.3 million in cash and options up front.
Fairground was established by initiator Evan Hoff in order to invest in the online gaming sector. It floated late last year on the London Stock Exchange's Alternative Invest Market, and Spin Palace, which runs he Ruby Fortune and Spin Palace Poker websites, is its first purchase.
The shifting of ownership comes despite continuing moves in the US to outlaw online gambling. Party Gaming is one of the biggest players gambling sector, and still it suffered a major drop in its stock market value. Last year the market's experts were concerned about Party Gaming's viability in the US market, as its well-publicized float followed.
