It’s all hotting up in the UK bingo scene. Just weeks after Flutter Entertainment announced that it was going to purchase Sunderland-based Tombola Limited which will see the Tombola bingo site change ownership it is the turn of 888 bingo brands being readied to change hands.
The Broadway Gaming Group has announced it is to acquire 888’s entire bingo business; its B2C bingo side and the B2B bingo business side (Dragonfish), in a deal worth £37.6 million ($50 million).
London-listed 888 Holdings Plc is offloading its full bingo business including all its exclusive technology, assets, operations, B2B clientele, and consumer-facing brands.
The acquisition enhances Broadway’s expansion strategy. Broadway have a number of bingo brands including Dotty Bingo, Butlers Bingo and Glossy Bingo. The deal enhances Broadway’s position within the lucrative UK bingo market. Broadway’s purchase will bring onboard the complete bingo roster of the 888 Group which includes some of the UK’s best bingo sites including 888ladies and Wink Bingo.
Broadway’s purchase of the B2C and Dragonfish B2B includes a potential payout of up to $4m dependent upon meeting certain performance criteria.
David Butler, CEO at Broadway Gaming, said: “We are delighted to reach an agreement with 888 to acquire its 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 have worked intensively with the 888 Group over the course of the last few months and have been very impressed by the quality of the bingo platform and product, the B2C and B2B businesses, its approach to safer gambling and player protection, and above all the management team. We see significant further expansion opportunities in both the B2C and B2B segments, and are very excited about our plans for the future, as we work closely together to become the preeminent online bingo business globally.”
888 CEO, Itai Pazner, added: “Following a strategic review, we have taken the decision to sell the bingo business,” said 888 chief executive Itai Pazner.
“This strategic transaction will enable 888 to further increase its focus on its core platform and unified, scalable and proprietary technology, and grow our key product verticals of casino, sport and poker, as we continue in our mission to be one of the world’s leading online betting and gaming businesses.”
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