Social Gaming Operator DoubleDown Moves Into Real-Money Gambling

Social gaming is a great pattern of amusement for people around the world, and in that respect make been a identification number of successful platforms focused solely on the segment. DoubleDown Interactive was single of these, but is at present moving into the real-money play space.

DoubleDown is expanding into real-money gaming with the acquisition of Swedish online gambling casino concern SuprNation. The $35-million sell testament give it a strong foothold inward the growing iGaming market place and further solidify its situation as a leading participant in the online gambling ecosystem.

The companion has been a major participant inwards the social gaming blank space for many years, and this move into real-money gaming is a rude(a) university extension of its business. It will keep to tender its free-to-play model, but will open its operations to additional possibilities.

Online Gambling Continues to Attract New Players

The arrangement testament ascertain South Korea-based DoubleDown, which began in 2010 as a Facebook casino, pass $35 1000000 to gain SuprNation. It’s an all-cash, debt-free arrangement, but allay has to reach a successful financial review.

If DoubleDown likes what it finds in that review, it testament move frontward with its plans. It’s optimistic that it testament live able to fill out the acquisition sometime during the sec billet of this year, as long as it can also unafraid all necessary regulatory approvals.

CEO Keuk Kim announced the purchase, adding that it’s a smarting relocation for the fellowship to live capable to expand inward Europe. He didn’t exposit on what DoubleDown’s plans testament be beyond that.

SuprNation is in arrears several online brands, including VoodooDreams, Duelz, and NYSpinz. It currently has licenses inward the Isle of Man, Malta, Sweden, and the UK.

Provided the dealing moves frontward smoothly, it could follow a precursor to other acquisitions. DoubleDown launched its initial public offering (IPO) on NASDAQ (ticker symbol DDI) in September of 2021, and Kim added that more mergers and acquisitions are at present on the table.

Market Provides Mixed Results

DoubleDown has had a tumultuous mount next its IPO. On Sept. 3, 2021, it was trading at $16.15, after which it jumped to $17.62 two weeks later. Since then, it hasn’t been capable to bump strong ground.

The carry drop to $8.18 at the commencement of 2023. It recovered somewhat since then, reaching $9.48 on Wednesday. In Th morn trading, it slipped again, dipping to $9.12.

Despite the changes, the company has been performing comfortably financially. Last November, it provided its modish financial health report, showing $0.40 earnings per part for the tertiary quarter. This round estimates by $0.06.

The canton produced revenue of $78.8 million, according to its financial report. Analysts had predicted well-nigh $79.13 million, so the results were slightly under expectations.

At the same time, at least single institutional investor liked what he saw. Someone picked upwardly 15,108 shares worth nigh $149K. That came just in front of a remark from Macquarie, which put the caudex at a rating of “outperform” with a butt cost of $17. It’s relieve trying to go back to that level.

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