Jackpotjoy and Gaming Realms sign long term content deal

UK online bingo group Jackpotjoy has signed up for content from games supplier Gaming Realms, and will henceforth be less dependent on its traditional supplier Gamesys.

The ten year deal will see Gaming Realms deliver a range of real-money content and services on favoured terms that include Slingo Original products.

The two companies have additionally agreed to the provision of JackpotHappy.com, a white label site on the Gaming Realms proprietary platform, and Jackpotjoy has entered into a secured convertible loan agreement with the Realms totalling GBP 3.5 million.

The loan will be for 5 years and will carry interest at 3 month LIBOR plus 5.5 percent and will be secured by the company’s Slingo assets and business.

At any time after the first year, Jackpotjoy can convert all or part of the principal amount of the loan into ordinary shares at a 20 percent discount to the share price prevailing at the time of conversion.
If the price of conversion is lower than the shares’ 10p nominal value, then the shares can be converted at nominal value and the difference paid in cash.

Gaming Realms has also noted that it has paid RealNetworks Inc the outstanding sum of $4.5 million.