Delta Corp sells Deltatech for $57 million to Head Digital Works
Delta Corp, India’s only listed 바카라 operator, has finalised the sale of its online gaming subsidiary, Deltatech Gaming (which operates under the Adda52 brand), to Head Digital Works (A23 brand) in a cash-and-stock transaction worth ₹4.91 billion ($57 million).
Deal structure and business impact
As part of the agreement, Head Digital Works, which operates under the A23 brand, will first acquire a 51 percent stake in Deltatech Gaming, followed by a complete merger of the two entities. In return, Delta Corp will secure a 5.7 percent stake in Head Digital Works, ensuring its continued presence in the fast-growing digital gaming sector.
The sale marks a significant shift for Delta Corp, which had acquired Adda52’s parent company, Gauss Networks, in 2016 for ₹1.5 billion ($17 million). Notably, Delta Corp had previously attempted to acquire Head Digital Works, but that deal did not go through.
Delta Corp’s recent business moves
The sale of Deltatech Gaming comes after offloaded its Nepal business to Ability Games in February 2024. Additionally, in December 2024, the company announced the demerger of its hospitality and real estate divisions into two new entities—Deltin Hotel & Resorts and Delta Penland.
Delta Corp’s Q3 FY24-25
The company reported a 3.5 percent year-on-year rise in net profit in the third quarter of FY25, but its operating revenue fell by 7.5 percent. The market capitalisation of Delta Corp has also suffered, dipping below ₹30 billion ($346 million) from approximately ₹90 billion ($1.04 billion) in 2022 following government tax claims and general market corrections.
Delta Corp’s gaming business was the key to its quarterly triumph. Overall gaming revenue increased to ₹1.82 billion ($20.93 million), a 2.4 percent quarter-on-quarter increase. This reflects the sustained popularity of the group’s flagship offshore 바카라s, such as Deltin Royale, Deltin JAQK, and Kings Casino in Goa.
However, online gaming operations faced headwinds. Revenue from skill-based online platforms, such as Adda52.com and Adda52rummy.com, dropped by 14 percent year-on-year and 6 percent quarter-on-quarter, settling at ₹0.40 billion ($4.54 million).
