Online poker network acquires major "skin"

02/10/2008

The online poker software developer and network operator Absolute Poker has finalised a deal to acquire one of its largest skins, Vegas 247, for an undisclosed purchase price.

Details are still sketchy, but blogs such as NetBet have been examining the rumoured deal for the past two weeks, revealing that affiliates were the first members of the general public to be informed of an imminent player migration, as many will be affected financially. The two poker rooms have not yet combined, but are expected to do so in the immediate future.

When the migration occurs, Vegas Poker players will have their accounts transferred to Absolute Poker.

The Absolute Network boasts close to 2 million registered players, and has recently emerged from an in-house cheating scandal culminating in a half million dollar fine from the Kahnawake Gaming Commission that did little to enhance its reputation (see previous InfoPowa report).

The reasons for the buy-out are not known, but speculation is that Absolute, like Party Poker before them in the Empire takeover, wants to corral the substantial player-base and cease paying revenue streams to Vegas Poker 24/7 when both rooms’ customers play at the same tables.

On Friday, Absolute Poker's official line was given in a statement by Joe Norton, a former Kahnawake chief and owner of Absolute Poker's parent group, Tokwiro Enterprises ENRG.

The statement reads: “Today’s online gaming community demands and expects a transformative gaming experience that seamlessly integrates superior technology, responsiveness to customer needs, and a safe and secure environment in which to play. Absolute Poker and Vegas Poker 247 are at the center of this trend, and this acquisition will build on our combined heritage to redefine the online gaming experience.”

According to the statement, the Vegas 247 brand will be shelved.

Absolute Poker has provided operational and back-office support to Vegas Poker 247 since its inception in 2006, obviating the need for extensive revisions of back-end operations. Norton says that Absolute will begin executing the migration of players’ accounts, and will continue to honour all affiliate deals and run Vegas Poker 247’s tournaments under the Absolute Poker brand.