UK based online bingo machinist Stride Gaming has reached out to India to expand its footprint in unregulated markets with the acquisition of a majority stake in Passion Gaming, an Indian online gaming company specialising in rummy. CEO of Stride Gaming, Eltan Boyd remained upbeat about the company’s future saying, “2017 has been a very progressive year for Stride Gaming. During this year the group has delivered outstanding growth in its core Real Money Gaming business. The online gaming industry remains rapidly growing and dynamic. As a service provider, we are confident of delivering the same success in the years ahead and continue to progress with our growth strategy.”
Speaking of their growth, Stride Gaming has announced their latest agreement to purchase a 51% stake for an initial cash fee of $3.75 million from the Indian gaming company Passion Gaming. Passion Gaming became prominent in the year 2015, and its primary focus is on the Indian skills gaming market, with a more emphasis on Rummy. The deal includes three seats on the Passion Gaming board and a provision for Stride Gaming to acquire the remainder of Passion Gaming over a three-to-five-year period. As also mentioned in the deal, Stride Gaming will have the right to purchase the other remaining 49% share of Passion gaming from the existing shareholders depending on Passion Gaming’s future financial endeavours.
“We are glad to be partnered with this widely recognised leading gaming platform and operator of the online gaming industry. With an enviable growth track record of our won, our vision is to provide exhilarating, safe and secure skill gaming to players in India,” in a statement announcing the deal, Bobby Garg, Co-Founder and CEO of Passion Gaming said.
Garg further added that “With Stride Gaming’s support we are in a strong position to bring the international quality of gaming to the rapidly growing Indian gaming market.
On the other hand, Eltan Boyd said “It’s been for a long time that we have been monitoring the Indian market, and we see strong dynamics in the present environment as well as in long-term growth potential. Our position and experience in the UK market and proprietary technology advantage, combined with Passion Gaming’s market positioning and operational focus create a highly attractive proposition.”
The UK Company’s investment provides Passion Gaming with the much-needed capital to invest further in marketing, technology and customer service teams to capitalise on a rapidly growing market while diversifying Stride Gaming’s portfolio into attractive new products and markets. As part of the investment, the company has the right to appoint three directors to the Passion Gaming board.