24/7 Gaming ceases operations ahead of takeover and rebrand

Isle of Man-headquartered 24/7 Gaming has ceased operations at its Wannagaming casino business ahead of a reverse takeover which will precede a complete company restructure and brand overhaul.

The firm confirmed today that it is to shut down its Wannagaming casino subsidiary, describing it as “non-profitable and low revenue generating”, ahead of a restructuring process that started in September with the announcement that it was in talks to acquire a binary options provider.

Under the restructure 24/7 Gaming will assume control of a Cyprus-licensed binary options firm, which has remained unnamed, and rebrand itself as Amesi.

The operator revealed the plans in September after raising around £360,000 in a share issue having previously discussed a number of other potential acquisition targets.

24/7 Gaming did however issue a warning that while discussions are continuing, in the likelihood that takeover fails to materialise it would have to raise further funds in order to meet its ongoing capital requirements.

“The company is in continuing discussions with its advisers in preparation for the financing in relation to the acquisition and expects to make a further announcement in early 2015,” a company statement read.

24/7 Gaming began trading on London’s Alternative Investment Market (AIM) in August last year and Rogier Smit, the group’s chief executive, said at the time the firm was “well positioned” to gain a strong foothold in the casino market.