Playtika and DoubleDown Social Gaming Brands Bet on IPOs

7 Jun 2020

Initial reports indicate that DoubleDown, a Seoul-based iGaming provider, has already filed papers with the US Securities and Exchange Commission in its bid for a public listing on Nasdaq. After going public with a DDI ticker symbol, the managerial team of the South Korean company hopes that the brand’s market valuation will raise about $100 million from its first IPO.

DoubleU Games, as it was initially named, bought Seattle-based DoubleDown from IGT in 2017 for a price of $825 million. That was 5 years after IGT had raised a lot of eyebrows after acquiring DoubleDown for a whopping $500 million. IGT’s bet had, however, paid off generously given that by the time it sold DoubleDown to Seoul-based DoubleU, a huge chunk of IGT’s earnings were coming from DoubleDown. As we speak, DoubleDown Interactive reported over 280 million in revenue for the past 12 months.

Like DoubleDown, Slotomania’s owner, Playtika is also getting ready to go public on Nasdaq. A Reuters report indicates that Playtika’s proprietors are looking forward to raising a massive $1b through the listing.

Playtika started operating as an Israel based startup before it was bought by the online division of the Caesars Entertainment in 2011 for $100 million. Later in 2016, Caesars Entertainment sold it to a Jack Ma affiliated consortium in China for $4.4 billion.

Come November 2019, one of the members of the Chinese consortium who had been attempting to have the sole proprietorship of Playtika revealed that their social gaming operator sought to be listed publicly in an unknown overseas market, but the members rarely talked about the issue till this week.

It appears that the effect of COVID-19 on the brick-and-mortar gaming industry and other land-based entertainment spots is giving social gaming operators a once-in-a-lifetime opportunity to cash in on their investments!

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