Elray Gaming snaps up Golden Galaxy and seals Playtech reseller deal

Elray Gaming snaps up Golden Galaxy and seals Playtech reseller deal

Wednesday, September 24, 2014

Elray Gaming has struck a deal to acquire online casino Golden Galaxy and finalised a separate agreement with Moorgate Commercial to resell and operate online gaming software giant Playtech’s software in Asia.

The online gaming company, which has offices in the UK and on the east and west coast of the US, made the announcements this (Wednesday) morning without revealing financial details.

Under the deal with Golden Galaxy, Elray will acquire an initial 25% stake, with options to increase the shareholding based on the online casino reaching certain profit milestones.

Golden Galaxy offers more than 250 casino games, including blackjack, roulette, baccarat and slots.

Over the last 12 months, the online casino has generated $6.9m (€5.4m) in turnover, with nearly 5.5 million games having been played by more than 21,000 registered customers.

The deal with Playtech covers “defined territories in Asia,” Elray said, without specifying which further information or the length of the deal.

“Elray will work closely with Moorgate and Playtech Ltd to build its Asian business and capture a slice of the Global market expected to reach $117.9bn in 2015,” Elray said, citing a study by Transparency Market Research.

“The license agreement will allow Elray to build on its junket operator relationships and existing business and will generate ongoing revenues in Asia – the world's most lucrative Gaming market.”

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