IGT Network, known amongst players as Entraction Poker network, has closed its local offices in Sweden and informed poker world that it is expected to close the international poker network in December. IGT bought Entraction in 2011 for $108.2m, and since then the network lost almost 50% of its poker traffic, according to Poker Scout.
Most of the poker rooms that belong to network already received termination notices, and the big poker rooms that were running a multi-platform clients that incldued Entraction are already beggining to remove the network from their offer.
Entraction is planning to focus on legal markets only. IGT has been approved for a license to provide online poker in Nevada state.
Official release from IGT spokesman:
" As part of our regular business process, we have been evaluating our resources, products and markets from a commercial and compliance perspective. As a result, we are consolidating our product development, allowing us to combine a number of locations and focus on the most attractive opportunities. We remain focused on our interactive casino/slot offering, which has experienced steady growth, and look to integrate the Entraction products into our overall set of platform offerings.
Change and uncertainty in European market conditions have diminished the expected returns in certain real money wagering products. As a result, we are consolidating our product development. We are maintaining our options for future changes in market opportunities – This decision is purely focused on our European dotcom business and does not impact future decisions regarding entry into new markets as regulation, taxation and commercial opportunities arise."
Network officials informed that players don't have to worry about their bankrolls:
"Players with funds on any Entraction Network skin should not have to worry about the security of their bankrolls. The major skins – such as iGame Malta – have advised their clients that balances will be maintained when they switch networks, whereas the smaller networks have their funds held by IGT – a company listed on the New York Stock Exchange who presently are cash rich – having recently revealed $2 billion in revenue in 2011 from their American gaming machine operation".