Given the enormous popularity being enjoyed by the online gambling industry, it’s no wonder that businesses previously connected to land-based casinos are looking to get their foot in the online gambling door. One such business is Summit Entertainment Group.
If everything goes according to plan, LuckySummit – a new online gambling site – will be up and running by May 1 st of this year. LuckySummit is the brainchild of the Summit Entertainment Group, a business concern previously and still involved with land-based casinos and entertainment activities.
John D. Jarvis, President of Summit Entertainment, is enthusiastic and optimistic about his new “baby.” He believes per-month net profits generated by the site will amount to somewhere between $100,000 and $300,000 – a not too shabby showing. Offering casino style games, bingo and sports books, LuckySummit will join a host of other enormously successful online gambling sites, and will feature Madison Systems’ online gambling software “Cutting Edge.”
There Will Be Euros In Profusion For These Families Once The Betandwin/Ongame Deal Goes Through
The publication Independent took a good look at the benefits that will possibly go to the Ongame founders as a result of the Bet And Win takeover that has been agreed upon this week. The online poker and casino software company was founded by the Swedish entrepreneurs Oskar Hornell and Claes Lidell in 1999. They are slated to be the main beneficiaries.
Hornell along with his father and two of his brothers, who both sit on the firm’s board, are expected to make Euro 251 million in cash and shares. This is from from their 53 percent stake in Ongame, but this will only happen if and when the deal goes ahead based on the terms that were announced this week. 60 percent of the figure, or Euro 151million, is to be paid in cash.
Lidell alone could receive Euro 132 million based on his 28 percent stake, with Euro 79 million of this being in cash.The company’s former chairman, Bo Johnson, will be receiving as much as Euro 71 million in cash including shares based on his 15 percent stake. Staff and former staff own the remaining 4 percent.Chief executive Patrik Selin, who leads Ongame’s management, is likely to stay on for at least one more year. Ongame’s earlier plans to float in London next year are being made redundant by this deal.