Bwin Enters the Social Games Market digital entertainment has announced its move into the social games market, establishing a Gibraltar-based subsidiary named ‘Win’ and recruiting a specialist management team to oversee the strategic move.

The online casino company plans to spend $50m to fund this venture, and has already agreed to spend $23m acquiring assets from European gaming developers Velasco Services and Orneon. The acquisition, which includes over 300 software engineers, is designed to give Win a head start in the market, as the engineers have experience in delivering social gaming solutions across all key technologies including HTML5, iOS and Android.

The head of Bwin’s social gaming strategy, Barak Rabinowitz, has extensive experience in the management and development of social gaming companies. He feels that the social market holds plenty of opportunities for growth in the coming years, stating that ‘The market today has about 750m users around the world, growing to 1.5bn by 2015, and it’s currently an $8bn market, expected to grow to $15bn over the next three years.’

With social gaming on the rise, Win is facing tough competition from companies like Zynga. Casino blog sites report that Win is expected to become profitable within the next two years. With that tight timeline in mind, the company is anticipating a release of its first product, a poker-based game, by the end of the year, followed by a casino and a sportsbook.