Two years after their social casino and Facebook mainstay DoubleDown Casino was purchased by slot-maker International Game Technology, DoubleDown founders Greg Enell and Cooper DuBois have left IGT.
IGT acquired Seattle-based DoubleDown for roughly $500 million in February 2012. The purchase price included $85 million in retention payments over two years for DoubleDown’s employees, and up to $165 million over a three-year period that’s subject to certain financial targets.
After much criticism from the industry for the high price paid for the social casino, IGT has reported significant earnings from its DoubleDown offering.
Janney Montgomery Scott gaming analyst Brian McGill told investors the DoubleDown departures were “another negative data point for the company.” He said the founders were largely responsible for the product’s success. “It will now be up to IGT management to fill the void that has been created by these departures,” McGill wrote in a note to investors. “It is unclear what the future holds for the two founders and at what point they could potentially compete against DoubleDown.”
