Iron ore developer Fe Limited (ASX:FEL) has flagged an improved outlook for its move into the gaming industry with an update on three licences being awarded to its takeover target.
Earlier this year, Fe signed a binding conditional share sale agreement to acquire 100% of online gaming company Cardinal House.
This strategy has been most recently supported by the Norfolk Island Gaming Authority granting Cardinal three worldwide gaming licences allowing for interactive home gaming, bookmaking in respect of race meetings and sports betting and conducting worldwide interactive lotteries.
The term of the licences is between 8-10 years.
Cardinal proposes to become an innovative entertainment provider for business and direct customer delivery of online social gaming and gambling, in addition to providing a compliant and fully integrated payment processing system.
Its current focus is on seeking to acquire an audience of national and international gaming markets where it proposes to offer safe, securely regulated, real money gambling experiences and enriched user entertainment through highly enhanced social gaming networks.
The Asia-Pacific region represents a large prospective growth market for gaming services and Cardinal is well placed to take advantage of these opportunities.
Cardinal is currently in B2B partnership negotiations with regional groups who operate across Southeast Asia.
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