Facebook Casino Sells For $500 Million

Facebook Casino Sells For $500 Million

Gaming Giant International Game Technology comes to an agreement with Facebook to purchase the casino Double Down Interactive. The casino is not a real money casino, but players have to build up points to play at the casino. Facebook currently has 4 Million players playing at the casino.

 Will Facebook Casino be Real Money Casino?

The deal reached between the developers of Double Down Interactive and Gaming giant International Game Technology includes $250 Million in cash, $85 Million to be paid over the next 2 years, and $165 Million to be paid over the next 3 years contingent on the software making a certain amount of money.

Intrastate gambling was recently legalized in Nevada and Gaming Giant International Game Technology was one of the first companies to apply for a license to operate in Nevada. Since the DOJ has ruled that the Wire Act only pertains to sports betting it has left the internet wide open for states to pass their own regulations.

This company stands to earn a lot of money if Double Down Casino can be turned into a real money casino with over 4 million users already using the software.

We will keep you posted as we learn more about this transaction.