Casino News: $500 Million Deal Moves Nevada Closer to Legal Online Gaming

A huge $500 million deal has been struck by US firm International Game Technology to purchase Double Down Interactive. International Game Technology is a Nevada-based slot machine maker, and the deal shows a ray of hope for the online gaming industry in the state. This is because Nevada gaming regulators recently approved new regulations, which could make Nevada the first state to allow legal online casinos. Canada is already leading the way, with several provinces offering online lottery for residents living within the relevant borders.

IGT Chief Executive Officer Patti Hart said, “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 will stop We intend to drive meaningful value from this rapidly growing distribution platform that reaches a new but complementary demographic of gamers."

The United States Justice Department stated that the 50-year-old Wire Act could be misinterpreted to ban only sports betting, which could potentially exclude other forms of online gaming, including casino and poker. The opinion is being analysed by the Nevada Attorney General’s office. Elsewhere, other companies are submitting applications to the Gaming Control Board, as they seek to legalise and regulate online gaming within Nevada.

Double Down Chief Executive Officer Greg Enell said "Double Down and IGT share complementary cultures focused on innovation and creativity. Both companies are committed to providing unrivaled quality, service and entertainment to millions of players. Leveraging IGT's research and development, global reach, and best-in-class content will provide our loyal player base with an even more robust experience and is expected to augment Double Down's growth trajectory."

The Double Down site does not allow wagering, but players earn points as they play against each other. This is termed as “online social gaming.” With around one million players daily, and with new games being added all the time, it is easy to see the potential profit that could be generated if online gaming were to become legal.