Bingo Product is Signed, Sealed and Delivered!
In December of last year, 888 announced plans to sell of its entire B2C and B2B bingo business to Saphalata Holdings Ltd, a member of the Broadway Gaming group, and now that transaction has been completed.
Specialists in online betting and gaming, 888 completed the sale of its bingo product for the total sum of $45.25m (£37.4m) and of that cash consideration, $43.25m was paid on completion with a further $2m to be paid within 12-months. During the 12-months that follow, Broadway are expected to benefit from certain transitional services from 888. The 888 bingo business is largely UK-based, generating some $25m (£19m) in the first 6-months of 2022. In 2021, annual revenue was $54m (£41m).
Better Things to Come?
Itai Pazner, chief executive at 888, said: “I would like to express my immense gratitude for all of the hard work of the bingo team over the years, and in particular their unwavering commitment to the business since we announced the Transaction. As part of a dedicated bingo operator, I am very confident in the future prospects of the bingo business and wish the team well.
The successful completion of this strategic Transaction enables 888 to further increase its focus on integration with William Hill and delivering on our mission to be one of the world’s leading online betting and gaming businesses.”
David Butler, chief executive at Broadway Gaming, added: “We are delighted to complete the acquisition of 888’s high quality bingo business and platform. By combining these with our existing business and brands, which include ‘Butlers Bingo’, we will be able to achieve an even stronger global footprint in key regulated bingo markets.
We see further expansion opportunities in both the B2C and B2B segments and are very excited about working with the management team to deliver on our plans for the future, as we look to become the pre-eminent online bingo business globally.”
Popular Broadway Gaming bingo sites include Dotty Bingo, Rosy Bingo, Wink Slots, 888 Ladies, Costa Bingo and City Bingo. Customers can expect to find a wide choice of free bingo rooms, plenty of offers and promotions, online slots and casino games as well as jackpots. The rewards programme is designed to give back, with daily deposit deals, bonuses and free games as standard.
Earlier this month, 888 Holdings completed its acquisition of William Hill and its international business. This purchase also included the company’s UK operations. Lord Mendelsohn, chair of 888, said: “This combination brings together two high quality businesses to create a powerful, global betting and gaming business. We believe the acquisition will create significant value for shareholders, creating a combined business with leading technology, products and brands across sports betting and gaming. With a top quality management team, formed from talent from across both businesses, I am confident about our future plans.”
Source: “888 Completes Sale of Bingo Business”. Insider Media Limited. July 8, 2022.
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