888 agrees to sell Bingo unit to Broadway Gaming to concentrate on American growth
Sale, expected to be final in Q2 2022, will be for $50m.
Changes are apace at 888 Holdings Plc, which today announced that it would be selling its Bingo unit to Broadway Gaming Group. 888 is hoping that, with the sale, it will be able to redouble its efforts to focus on the US market as well as on its core platform.
The sale, for $50m, will be on a cash- and debt-free basis, meaning that the cash received by the seller will stay off its balance sheet and instead go toward paying off its debts.
All of Bingo’s technology, assets, and consumer-facing brands will be included in the sale.
The sale is expected to occur during the second quarter of 2022 and is contingent on Bingo re-organizing its internal structure and then receiving a British license to operate under this new structure.
According to Itai Pazner, Chief Executive of the Gibraltar-based company, 888 is trimming the fat so that it can more adequately concentrate on core functions: “Following a strategic review, we have taken the decision to sell the bingo business.
“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 the one of the world’s leading online betting and gaming businesses.”
The Bingo deal follows a major acquisition by 888. In September, it bought William Hill’s non-US assets for $2.2bn from Caesars Entertainment, giving it access to one of Britain’s most prominent betting parlors.
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