Broadway Gaming seals 888 bingo business acquisition with a Final $2m payment
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Broadway Gaming has finalised the acquisition of 888's online bingo business with an additional $2 million payment, following the initial payment of $43.25 million, which both companies agreed on to initiate the merger.
The takeover is the result of an agreement that was made nearly two years ago to transfer over the assets of over 200 bingo-related websites from 888 Holdings to Broadway Gaming, a subsidiary of Saphalata Holdings.
Broadway Gaming Largest Bingo Sister Site Operator
Broadway Gaming's list of online bingo websites, which includes brands like Moon Bingo, Two Fat Ladies and City Bingo, is the largest catalogue of casino and bingo sister sites in the United Kingdom.
Sister sites are gambling websites related by their operator that typically share the same gaming platform, customer support teams and payment processing technology. It's a popular concept, especially in the United Kingdom, as it allows gambling firms to operate many websites at a decreased cost.
The website Sister-Sites.co.uk has a complete list of Broadway Gaming sister sites, including reviews and current welcome offers. All websites are licensed by the UK's Gambling Commission under account number 58267.
Did 888 Holdings Sell Its Bingo Business Below Its Worth?
While Broadway Gaming's CEO David Butler was delighted to complete the acquisition, not everyone shared the same sentiment. Many industry experts thought 888 Holdings rushed the sale of its bingo business due to a dwindling share price. The thought is plausible, considering the sale price of $43.25m was nearly ten per cent below the trailing 12 months revenue from the previous year and the market, at the time, shared this opinion. A day after the acquisition announcement, 888 Holding's share price dropped another 6.81 per cent and has tanked ever since.
However, it's only fair to say that the UK's Gambling Commission has been reporting a decrease in new account registrations with remote gambling operators. Additional restrictions will also make it even harder to grow a business in an already scrutinised market, so time will tell whether the deal was a steal for Broadway Gaming or not.
The Future of Online Bingo in Great Britain
Whatever side of the argument you're on, Broadway Gaming has all the tools to dominate an extremely lucrative market in the years to come.
In the last decade or so, online bingo has grown over 50 per cent in the United Kingdom and is not trailing too far behind the online casino market in terms of gross gambling yield (GGY). It's surprising, considering the number of online casinos exceeds bingo websites by a lot, but bingo players have been known to be very loyal and returning customers.
Broadway Gaming will have to move quickly and steadily to maintain and expand its market share in the sector because the competition is not sleeping. Jumpman Gaming, another big sister site operator, has been revamping its website catalogue after the acquisition through SuperGroup and is gaining immense traction among players.
Who is Broadway Gaming?
Broadway Gaming is a B2C and B2B gambling firm headquartered in Dublin, Ireland. The company started as a 3-person team in 2010 and launched or acquired a new bingo brand annually. In 2022, Broadway Gaming made headlines with the dual-acquisition of the Dragonfish B2B platform and 888's online bingo business, turning the company into the largest bingo operator in Great Britain nearly overnight.
