Shuffle Master “only a matter of time.”
SHUFFLE MASTER reported in March its third straight quarter of double digit sales and earnings growth. On March 5, 2012, Shuffle Master reported revenue of $56 million, $8 million more than the Zacks Consensus Estimate, and higher than the $44 million reported in the year ago period. Since then it has continued to be on a winning streak.
Shuffle Master announced a deal last month that would give it a grip in the fast-growing online poker market. The company signed a pact to buy Ongame Network from bwin.party Services for $25.7 million, plus a possible additional $13.2 million within five years, contingent on the legalization of real-money online poker games in the U.S.
Spokeswoman Julia Boguslawski said that the bigger picture is to give Shuffle Master an immediate piece of legalized online markets when they open up.
“This provides us with a way to participate in the European iGaming market,” said Boguslawski. “Given our many licenses, the potentially larger opportunity for us is in the U.S., where we believe it’s only a matter of time when, not if, online poker and other forms of online gaming are legalized.”
Boguslawski says intrastate bills are moving forward. The Nevada Gaming Commission approved regulations for intrastate online poker, becoming the first state in the U.S. to do so. The regulations allowed for companies currently licensed by the state of Nevada to apply. Shuffle Master and International Game Technology (IGT)are among the companies that have applied for a license, she says.
