Online gambling company 888 has bought the assets of the Mytopia social games development studio from Real Dice. Mytopia, which launched at TechCrunch50 in 2008, is an online social gaming community where people can play casual games together in real time.
The base price is $18 million cash with an additional earn out payment that will be made calculated on the basis of net profit for the calendar year 2011. The total payment to Real Dice for Mytopia’s games is capped at $48 million.
Mytopia sold 12 games in total to 888, which is planning to add microtransactions to the games to monetize the platform. Mytopia also offers a platform that allows developers to write code once and have it immediately distributed and syndicated to various smartphones and mobile operating systems. 888 has licensed this technology along with the acquisition of the social gaming studio.