Gambling consultancy Elray Gaming has exercised an option to increase its stake in Asian-facing iGaming operator Golden Galaxy Casino and now owns 48 per cent of the business.

Having acquired an initial 25 per cent stake of the operator in September of last year, Elray has acquired an additional 23 per cent in the Playtech-powered Golden Galaxy online casino.

Under the terms of the initial agreement, Elray noted that it would look to increase its stake in the operator based on its performance.

The acquisition has been described as in-line with Elray’s gaming strategy, with the company set to issue Preferred Series C stock with a 24-month restriction on conversion. It will be concluded on pre-defined profit benchmarks set for Galaxy’s performance.

Elray signed a 12-month agreement to work as a consultant for Golden Galaxy in June 2013, and in September also finalised a reseller agreement with the operator’s software provider Playtech, to offer a range of sports betting, casino and poker products to companies in the Asian market.

“This is a valuable acquisition,” Elray chief executive Brian Goodman said of the deal. “The casino has exceeded expectations and is achieving excellent growth.”

He revealed that Golden Galaxy had seen revenue increase 113 per cent month-on-month in December, with gaming income up 65 per cent from November.

“We will continue to add revenue generating casino operations to our portfolio and I am confident that Elray will benefit as a result of increased revenues and reducing debt,” Goodman explained.

In the last twelve months Golden Galaxy has generated around $8.7m in turnover, and currently has over 24,268 registered players. The site, licensed in Curaçao, offers a wide range of casino games including blackjack, roulette, baccarat and slots.