Industry News
Acquisition Activity, Growth in Online Gaming Sector
Taipai, Taiwan-based GigaMedia Ltd., a leading operator of online gambling sites and developer of gaming software, this week it will pay $22.9 million to acquire a majority stake in T2CN Holding Ltd., a Chinese online sports and casual game developer.
According to GigaMedia, the company will buy up to 18.3 million shares of T2CN, which is approximately 40 percent of the shares outstanding, subject, of course, to adjustment based on T2CN's performance in the first half of 2007.
GigaMedia currently hold convertible preferred shares in the Shanghai-based T2CN that can be exchanged for an additional 15 million common shares. It also has the option to buy an additional 4.3 million shares, pushing its total stake to 51.9 percent by May 2007, when these options can be exercised.
The deal is expected to close in February.
GigaMedia said the acquisition will help it build a dominant online entertainment platform in Asia.
Skill Gaming Growing
The news comes as the popularity of skill-gaming continues as a growing niche in the online gaming world, where skill, and not just luck, is the main factor in a game. Many of the most recognizable skill-based games are Backgammon, Gin Rummy, Solitaire and Tournament Blackjack. A well-practiced player can earn a good income by outfoxing their online opponents.Kevin Dale, CEO at Game Account, confirms that the skill makes this type of gaming rewarding. "Playing others at a game like Backgammon is a completely different proposition than putting your hard-earned cash on a roulette table or in a slot machine. You have far more control over your destiny. We've got hundreds of successful players from all over the world whose tournament winnings run into hundreds of thousands of pounds," said Dale.
Some are quite contented with their winnings from online gaming. One gamer recently bought 200 acres of agricultural land in Hungary for his own truffle farm and hunting lodge which he intends to build up with his wife, and he plans to continue online gaming through a broadband Internet connection there.
© Copyright 2006 Gene Koprowski's material may not be published, broadcast, rewritten, or redistributed.
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