GTECH S.P.A. subsidiary GTECH UK Interactive Ltd. has purchased all current and to-be-issued shares in U.K. mobile gaming developer Probability PLC for about $30 million, a move that GTECH President of Products and Services Renato Ascoli said is "a logical stepping stone for advancing our mobile gaming strategy."
PROVIDENCE – GTECH UK Interactive Ltd., a wholly owned subsidiary of GTECH S.p.A., announced Friday that it has completed its £18 million ($30 million) acquisition of Probability PLC, a mobile gaming company based in London.
Under the terms of the acquisition, which was first announced in February, GTECH UK purchased all issued and to-be-issued shares in Probability. Founded in 2004, Probability has developed more than 30 games and serves between 800 and 1,000 different devices every day. Its mobile casino game Ladylucks has more than 1.5 million registered players, GTECH said.
Probability is licensed in Italy, Gibraltar and the United Kingdom, and is currently developing systems for the United States. Following the acquisition, Probability will operate as a subsidiary of GTECH UK.
“With the mobile gaming market poised for significant growth over the next several years, we view the acquisition of Probability as a logical stepping stone for advancing our mobile gaming strategy both Internationally and in the U.S.,” said Renato Ascoli, GTECH S.p.A. president of products and services. “Probability’s unique content service offerings and its exclusive game development and management platform will further advance our mobile strategy.”
GTECH’s acquisition of Probability, strengthening the lottery tech giant’s position in the mobile gaming market, follows the launch on Feb. 5 of the first U.S. mobile lottery app, developed by GTECH for the Illinois Lottery.
Probability employs about 45 people and reported net gaming revenue of £3.6 million ($6 million) for the six-month period ended Sept. 30, 2013. As of that date, the company had a net cash position of £1.7 million ($2.8 million).