888 Holdings to Sell Bingo Business in a Deal Worth $50m
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888 Holdings is selling its bingo business to Saphalata Holdings for $50m. The buyer is a part of Broadway Gaming, a group of online casino and bingo platforms. 888 will provide transitional services to Broadway for up to a year after the completion of the deal.
888 Holdings to sell Bingo Business in a Deal Worth $50m. The company will focus on its core B2C operations and its expansion in the US. Broadway Gaming already has five bingo brands and two online casinos. It generated revenue of $65m in 2020 and EBITDA of about $7.4m, valued at $71m on June 30, 2021 balance sheet.
888 Holdings to sell Bingo Business in a Deal Worth $50m. Itai Pazner, 888 CEO, confirmed 8888 wants to focus on growing its key verticals of poker, sport, and casino. Broadway Gaming CEO David Butler believes the deal will allow the company to develop a stronger footprint in key regulated bingo markets.
