Validating recent rumors that online casino conglomerate Party Gaming was speculating on entering the online sports betting industry, it was announced by Party Gaming yesterday that the company bought out the European sportsbook, GameBookers last month via a deal that includes over 9.3 million shares in Trident Gaming (Party Gaming's parent company headquartered in the Isle of Man) and nearly $40 million in convertible debt.  The overall sale went for $130.6 million, which Party Gaming  will pay approximately 90% up front and the remaining balance of approximately $30 million over the next eight months.

It has been very clear that Party Gaming has its sight on becoming a megalith all-in-one online betting site ever since the company began aggressively buying out other online gambling companies in recent times.  With both Party Poker and Party Casino doing very well for themselves, it is likely the new addition of GameBookers (likely to be renamed Party Bet), will attract even more online gamblers to join its ranks and gain access to its integrated, propriety platform.

CEO of Party Gaming, Mitch Garber regarded the deal as a vital step in diversifying Party Gaming's online business in not only a product perspective, but a geographic one as well.  With online sports betting in their ranks, Party Gaming will be able to cater to many more countries, especially in Europe, South America and the expanding casino gambling industry of the Far East.

Garber referred to this initiative by bringing attention to the fact that GameBookers platform is already available in twelve different languages and has 250,000 customers in more than one-hundred forty countries.  What he called "advanced initiatives", Party Gaming is looking to expand the offering of Party Casino, and open more doors in the South American and European online casino gambling industries.  Party Casino already offers 39 propriety online casino games, and brings in an average of over 23,000 unique real-money online gamblers each day.