The purchase of 888 Holdings' bingo division by Broadway Gaming has been completed.
Broadway Gaming, the UK licensed bingo and casino operator, via its subsidiary Saphalata Holdings, will spend $45.25 million to acquire 888’s entire B2B and B2C bingo business. The deal, announced last December and includes some top UK bingo brands, also includes a twelve-month transitional period where 888 will provide transitional assistance for a pre-agreed fee of $2 million.
The 888 bingo business, which is predominantly in the UK, generated gaming revenue of $25m during the first half of this year. Over the last 12 months, the Bingo operations have generated around $54m.
888 CEO Itai Pazner said of the deal:
“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.”
Broadway Gaming Expanding
The deal see Broadway Gaming Ltd, founded in 2010, expand its portfolio of bingo brands, which includes Butlers Bingo, Glossy Bingo, Rosy Bingo, Dotty Bingo, and Bingo Diamonds Bingo. The portfolio also includes two online casino brands.
Broadway Gaming CEO David Butler said of the acquisition:
“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.”
Ben has been an massive bingo enthusiast and fan since playing at the seaside as a kid. Dedicated to bringing you the latest and best bingo news from the UK