Next Group Holdings, Inc. announced that following an agreement it has signed recently, it has been granted the option to acquire a controlling interest in provider of live gaming experience Lubar Technologies, LLC.
Based in Miami, Florida, Next Group Holdings is focused on the provision of mobility solutions for the “unbanked, under-served, and emerging markets.” If it decides to take advantage of the option it has been offered, the company would purchase a majority stake in the above-mentioned supplier of solutions for the gambling industry through its subsidiary NxtGn.
As for Lubar Technologies, it specializes in the development and provision of video conferencing gaming products. The company’s offering makes it possible for land-based casinos from all around the world to promote their games to the online gambling market. The supplier has pointed out that it aims at transforming the way gambling customers “participate” in the world of online gaming by offering excellent video and audio quality as well as usability for both providers and end users.
Through Lubar Technologies’ solutions, players can access casino games remotely through their computers, communicate with dealers, croupiers, and fellow players, just as if they are at a land-based casino. As for the casinos themselves, they are provided with exciting new options for their customers as well as with additional revenue streams.
Commenting on the option to buy a controlling interest in Lubar Technologies, Arik Maimon, CEO and Chairman of Next Group Holdings, said that they are likely to exercise it. If and once the deal is completed, certain features offered by NxtGn’s proprietary AVYDA HD video technology are expected to be integrated into Lubar Technologies’ product offering in a bid to improve user experience and to secure revenue growth.
Lubar Technologies founder and CEO Yacob Rafaei added that the deployment of NxtGn’s AVYDA technology would provide them with important advantage over other similar companies in the highly competitive online gambling market.
Under the terms of the option agreement, Next Group Holdings will have the opportunity to buy a 78% stake in Lubar Technologies for the amount of $1.5 million, all to be paid in common shares of Next Group Holdings.
