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Sports betting and gaming giant 888 Holdings has completed the previously announced sale of its entire B2C and B2B bingo businesses to Broadway Gaming Group’s Saphalata Holdings.
888 will continue to provide Broadway with certain transitional services for a period of up to 12 months in the deal worth $45.25 million.
888 Holdings explained that the sale will allow the firm “to improve focus on delivering against our strategy to be a global leader in online betting and gaming, by building market-leading positions in attractive regulated markets, driven by proprietary technology, product leadership, leading brands, and marketing expertise.”
Itai Pazner, CEO of 888, commented:
“I would like to express my immense gratitude for all of the hard work of the bingo team over the years and in particular their unwavering commitment to the business since we announced the transaction. As part of a dedicated bingo operator, I am very confident in the future prospects of the bingo business and wish the team well.”
Pazner added:
“The successful completion of this strategic transaction enables 888 to further increase its focus on integration with William Hill and delivering on our mission to be one of the world’s leading online betting and gaming businesses.”
David Butler, CEO of Broadway Gaming, said:
“We are delighted to complete the acquisition of 888’s high-quality bingo business and platform. By combining these with our existing business and brands, which include ‘Butlers Bingo’, we will be able to achieve an even stronger global footprint in key regulated bingo markets.”
Butler continued:
“We see further expansion opportunities in both the B2C and B2B segments, and are very excited about working with the management team to deliver on our plans for the future, as we look to become the pre-eminent online bingo business globally.”
888 Holdings already owns SI Sportsbook and Mr Green, and recently finalized the acquisition of the international, non-US assets of William Hill from Caesars.