888 plans US market exit despite sports betting expansion
The large gaming corporation 888, which also owns William Hill and other well-known brands, intends to exit the US market.This decision is made in spite of the fact that...
Broadway buys Dragonfish for $50 million
888 Holdings intends to sell the Dragonfish Bingo module to Saphalata Holdings Ltd of Broadway Group for $50m as it wants to develop B2C and B2B assets.
Based on the deal, Broadway acquired its B2B counterpart with the B2C business of Dragonfish by 888.
Broadway is obliged to pay $50m in cash after completing the deal based on a debt-free approach. It includes an earnout of $4 million based on particular performance criteria.
The ownership is to be completed in the second quarter of the next year and is dependent on reorganizing the bingo business and acquiring a license from UK Gambling Commission. 888 decided to sell its product after a review which the LSE-registered wagering company conducted, telling the need to ameliorate the core platform.
888’s president, Itai Pazner, stated:
“Based on strategic research, we decided to sell our product. This move will allow us to focus on the main platform of 888 and develop our key products of casino, sport, and poker. We go firmly in our way and are among the top online wagering and iGaming companies.I ensure that the future of bingo is brilliant.
Let me express my thankfulness for the enormous efforts our team has made during these years. This bingo business was an essential part of our company, and it took us long years to acquire advanced B2B and B2C technologies.”
After gaining the businesses, the company will own the access to the businesses with $65m income and $7.4m EBITDA. Based on the balance sheet of the company on 30 June of this year, it cost $71m.
Broadway has a goal to be the major UK-based online network as it expands its suite with brands like RobinHood, Costa as well as Wink bingo.
The leader of Bradway, David Butler, mentioned:
“It’s an honor to gain a contract with 888 for acquiring a business suite. We are able to reach high in bingo markets due to the joined business of our company and 888. Our company has dealt with 888 intensely during recent couple of months, and I can ensure the high quality of the bingo platform, its safety system of wagering, and user protection. We are beyond happy to draw our plans in our mission of becoming a leading online bingo business internationally.”
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