|The Money Gaming Corporation Ltd (TMGC), a leading provider of peer-to-peer, cash-enabled skill gaming technology and brand owner of MoneyGaming.com, today announced a substantial equity investment by IPGL Ltd. |
IPGL will acquire 30 a per cent stake and a seat on the board, whilst providing TMGC with strategic support as it expands its skill gaming operations and looks to become the foremost provider of skill gaming, technology and liquidity worldwide. The company aims to further develop its 'own brand' proposition, including MoneyGaming.com, as well as increasing its portfolio of fully networked and integrated media and gaming partners.
Liad Shababo, co-founder and CEO of The Money Gaming Corporation Ltd, commented, 'We are delighted that IPGL has chosen to invest in TMGC's vision for the future of online gaming. The industry needs to recognise the demands of online players looking for an enhanced gaming experience, a fairer playing field and increased accessibility.'
The substantial investment is a reflection of the strong growth achieved by TMGC during its first year of trading. It comes at a time when the worldwide online gaming industry is reported to be worth in excess of $6billion per annum, predicted to rise to $9.8billion by 2009*.
Ronnie Armist, a director of IPGL, commented on the long-term aims of the partnership. 'We are very pleased to have reached agreement with TMGC at this exciting time for the company. Our aim is to combine IPGL's strengths in growing young companies into big players with TMGC's ambition to reshape the online gaming industry.'