by Renee Israel
The Irish gambling giant, Paddy Power will be expanding further into the
online gambling industry through the purchase of leading games and software
developer, Cayetano.
Cayetano, which is incorporated in the Isle of Man, is known for providing
top-quality games to such online gambling groups as Sky Vegas. The group, which
has been in operation since 2009, has net assets valued at around £160,000.
The two sides would not reveal the total sum paid by Paddy Power for
Cayetano, although the Irish group said that the majority of the sum would be
"payable subject to performance over the next number of years."
The Chief Executive Officer for Cayetano, Nick Maughan said about the
Paddy Power's purchase off Cayetano: "This is a great step for Cayetano and
its team. We're all excited at the prospect of being part of Paddy Power, a
business whose success in this market has been built on an exceptional
understanding of online customers and product trends."
The Irish gambling firm, Paddy Power, which runs land based and online
gambling bookmaker and casino services, was excited about its new deal signed
with Cayetano casino software developer.
Cayetano One of Best Casino Software Developers
"Cayetano is one of the best developers of its kind in the igaming sector and
its acquisition will provide Paddy Power with a compelling range of online
gaming products as well as a new internal source of gaming development
expertise," noted the Chief Executive Officer for Paddy Power, Patrick Kennedy.
Kennedy said that Paddy Power has built strong in-house information
technology and product development capability, with its proprietary sports
betting modelling a great example of that success.
"Cayetano is a natural extension of this existing capability and reflects
Paddy Power's evolving product mix," he said.
The news of the Cayetano purchase comes on the heels of an announcement that
Paddy Power has put in a bid for a license to supply mobile betting equipment in
the state of Nevada.
It is believed that the application for the license will be processed next
year and, should it be successful, Paddy Power will become the first European
gambling group to receive an operating license in Nevada.
Paddy Power said that earnings per share are expected to rise between 15% and
20% in this financial year, after it saw a 31% rise in the amount spent by
customers on sports betting at its popular website in the last quarter.
The group has also seen a huge increase in the number of customers who use
their mobile phones to gamble.
