Bwin and OnGame Group Reach Agreement

After a long delay in the final transactions for the sale of OnGame Group, the two parties have come to an agreement that will change the original terms of the sale. The agreement was to a deferred consideration of the value of $120 million that included interest, the deferment was in exchange for a percentage of 28.89 of net gaming over the next 5 years. There is a cap of $116 million on this arrangement, releasing Bwin from it's obligations on the sale of shares which were part of the original agreement.

Bwin is an Austrian based company who wished to purchase the online casino and gaming group in pursuit of the then lucrative American market. With the gambling prohibition enacted in October 2006, it put a strain on the terms as well as the market.