Few companies can boast a name or reputation as easily recognisable as that of IGT.
International Gaming Technology
IGT may be better known for its physical slot machines for land-based casino gaming than for virtual slots. Together with Bally, IGT has been the behemoth of land-based casino slot games for decades. Since the rise of virtual slot games, IGT has also created a thriving virtual arm of the company to rival any other producer. IGT has turned out top virtual titles such as Hexbreaker, Charlie’s Angels and Cleopatra.
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How it all Began
Few gambling companies in the history of the global gambling industry can boast a name or reputation as easily recognisable as that of International Gaming Technology. Even fewer can claim such an impressive history.
IGT was formed (though not yet in name) in 1975 by William Redd. Redd began life as a distributor of Wurlitzer jukeboxes and later moved into slot machine distribution for the game supplier, Bally.
When in 1975, Bally was looking to offload the video slots side of the business, Redd acquired the rights at an extremely competitive price. He then set up his own distribution company with the name Sircoma.
This business proved to be incredibly successful. Just seven years later Redd took the business public and changed the name to International Gaming Technology (IGT).
IGT Corners the Market
In the years that followed IGT went from strength to strength. Together with Bally, IGT had pretty much the entire US slot machine market to itself. Turnover skyrocketed to over $60 million and IGT could now lay claim to 90% of the valuable slots market in Nevada.
Fast forward to 2014 and following a couple of major acquisitions of its own (Barcrest and Wagerworks) IGT was itself taken over by the Italian company GTech. This was a takeover that nobody had seen coming, but the gaming world was made to sit up and take notice due to the amount of money that was involved.
The sale went through for an incredible $6.4 billion ($4.7 billion in cash and $1.7 billion of debt) making IGT one of the most valuable gaming assets ever.