Broadway Gaming completes acquisition of 888 bingo assets
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888 Holdings has completed the divestment of its B2B and B2C bingo divisions, selling the assets to Saphalata Holdings, part of Broadway Gaming. The deal was originally announced at the end of last year when 888 and Saphalata Holdings agreed to the transaction estimated at $45.25m.
The now-completed agreement is upending the bingo market in the United Kingdom, giving Broadway Gaming a much firmer foothold in the vertical while allowing 888 to collect the transaction funds and put them towards pursuing gambling products in other areas.
Broadway Gaming CEODavid Butler welcomed this opportunity and said that the company was thrilled to be completing this transaction. The 888’s high-quality bingo products are a fixture in the British gambling market, Butler continued, arguing that the existing business will be assimilated and quickly redeployed. This is the latest such shift of bingo assets after Flutter Entertainment purchased Tombola, another bingo operator, last year.
The company already operates the Butlers Bingo brand, which together with the newly-acquired assets will help Broadway Gaming to continue growing its momentum in the bingo vertical. But the company’s plans do not end here either. According to Butler, Broadway Gaming can continue to expand further in the B2C and B2B bingo segments, which will be a focal point of its further development efforts.
For its part, 888 will use the opportunity to focus on just its sports betting and iGaming businesses. With North America opening rapidly for these two verticals, companies are looking to ensure that their product offering is in a good position to dominate and secure the biggest possible share of the market.
888 CEO Itai Pazner thanked the team that made 888 Bingo work over the years and helped build one of the most distinguished brands in the vertical. Pazner affirmed that now that the assets are divested, 888 will double down on the integration of the recently acquired William Hill assets in Europe.
William Hill was subject to a split sale with its international and US assets bought by 888 and Caesars Entertainment respectively. 888 has been actively looking to pivot towards new markets while doubling down on its existing operational reach. The company announced a number of changes to its board of directors and structure just recently.
The company’s latest financial update confirmed that the business had been doing well through the period ending on February 28, 2022. Broadway Gaming has also acquired the Dragonfish in-house development platform which has been largely seen as one of the signature moves by 888 for years.
