|OpenTV announced that it acquired the London-based BettingCorp Limited, a leading developer and operator of betting and gaming technology and consumer services. |
Founded by Michael Lobel, BettingCorp's proprietary technology provides operators with end-to-end gaming and betting services across any platform - from Internet, iTV to wireless platforms using a single back-end management system user account, both for consumers and corporates.
OpenTV's technology platform currently serves over 47 million set-top boxes on 43 different networks worldwide with some 20 million customers in the US alone. OpenTV has developed over 300 games and 24 applications in 9 languages that are currently available to over 12 million subscribers on 7 networks.
Peter C. Boylan III, Chairman of OpenTV, believes after the purchase of BettingCorp, iTV can provide millions of its customers in over 70 countries, with advanced betting and gaming solutions besides a wider range of Interactive TV services customers and to increase their revenues.
The $10 million acquisition was combination of 70 percent stock and 30 percent cash assumption of liabilities. OpenTV expects to invest $3$5 million in BettingCorp over the next few years, to expand their product line.