IGT buys social gambling site for $500M

Is Facebook the new mecca of online gambling? It might just be so! Last year, Facebook announced that after having reviewed its policies, it would now allow Online Casino advertising but under some conditions.

Those concerned are casino websites, poker websites, sports betting websites, lotteries, and various other gambling organizations. This news had obviously got gambling companies competing to find means and ways to make it big on Facebook and not just with Facebook credits but with real funds.

Right now, Zynga rules on Facebook. This company was launched in 2008 and is the largest gambling network on the web; it prides itself in having more than 30 million active users per month. They offer a wide range of free games which are played via Facebook, Android, iPhone and Google Plus.

But Zynga will soon be getting competition from DoubleDown Casino which has been developed by Double Down Interactive. DoubleDown Casino is considered the No. 4 game on Facebook, only after 2 years in business.

International Game Technology (IGT), a top Nevada-based online software provider, has reached an agreement to buy Double Down Interactive for $500 million. DoubleDown’s figures are nothing near those of giant Zynga’s. DoubleDown attracted up to 3.3 million players in October 2011, whereas Zynga takes in nearly 30 million monthly active users. However, with the online gambling industry attracting more and more players, it is no doubt that this business will keep on growing.

So Double Down is due to make it big on Facebook. Facebook as we all know is the biggest social network there is, with its 800+ million users but it is also the platform to an impressive list of social games.

And now that real funds are becoming a reality on Facebook, it will turn out into a massive money raking business. While money is pouring in, Facebook and the online casinos using its platform should ensure that there is no underage betting and everything is being run in a safe and secure environment.

Written for Online Slots by Helen.