Galaxy Gaming, a Nevada-based table game provider, has completed the acquisition of Progressive Games Partners, which has online rights to several casino table games.
The deal was first announced in February. It expands Galaxy reach in iGaming, a media PGP has navigated since the early 2000’s. During that time it has formed strong relationships with leading iGaming providers. The price of the purchase was not disclosed.
One benefit of purchasing PGP is that Galaxy will no longer have to pay distribution fees for PGP games. It will also give Galaxy additional iGaming licensing revenue.
Igaming has expanded exponentially during the Covid-19 pandemic as players have transitioned from land-based casinos to virtual casinos within the space of a few months.
Galaxy CEO Todd Cravens told CDC Gaming Reports “Our casino clients in the physical world have been very hard-hit by the COVID-19 crisis and are generally struggling to get back to business levels they enjoyed before the lockdowns.”
Cravens has called for more than the five states that currently legalize online casinos to do so “as a way to prevent the tax revenue losses that occur when brick-and-mortar casinos are closed. We look forward to working more closely with our iGaming operators as we bring our existing library and our pipeline of new products online.”
All of PGP’s table game products started off as games played in brick and mortar casinos. PGP CEO Chris Reynolds observed, “Since U.S. iGaming operators will want to offer to their online patrons many of the same games that are popular in the physical world, there should be good adoption of the PGP content in the U.S.”
The man who helped found PGP, CEO Chris Reynolds, commented,
“Galaxy has a great opportunity with the acquisition of PGP . . I look forward to working with Todd and the rest of the Galaxy team in serving the rapidly growing US iGaming market while maintaining the strong relationships we have in the UK and Europe.”