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International Game Technology buys Double Down for USD500m
International Game Technology (IGT), a maker of slot machines, is buying Double Down Interactive, developer of Facebook-based DoubleDown Casino, for USD500m, in a move to expand its digital gaming wing. DoubleDown Casino had more than 1.4m active daily players at the end of 2011, and was the fourth most popular Facebook game in 2011. The service sees around 4.7m players each month. With the money from IGT, Double Down hopes to release more social and mobile games. The deal comes at a time when Zynga is aiming to expand its casino game business on Facebook. The deal includes USD250m in cash, USD85m in retention payments over the next two years, and USD165m in bonuses if DoubleDown hits financial targets.
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