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888 set to sell B2C and B2B bingo businesses

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Bingo business is booming as 888 plans to sell their B2B and B2C creations to Saphalta Holdings in a new agreement.

It’s not usual for companies in the iGaming space to exchange hands and 888 is starting 2022 with an exciting new agreement to sell their bingo businesses.

The 888 B2C and B2B bingo businesses are set to be sold to Saphalata Holdings, a company that forms part of the Broadway Gaming group.

Currently, the deal will cost $50 million on a cash-free and debt-free basis. This includes an earn-out of up to $4 million that could potentially be achieved over 6 months based on revenue performance criteria.

Why is 888 selling bingo?

It’s been made clear time and time again that 888 plans to become a world leader in the iGaming space. In order to do so, they need to focus on online betting and gaming in regulated markets wherever possible.

As a strategic move to make that plan a reality, 888 decided to sell their entire bingo business to Broadway Gaming. This will help the team focus on their core offerings while also providing cash flow where needed.

There is a fair bit of complicated compliance that needs to be navigated when dealing with bingo. By letting that side of their business go, 888 will free up much-needed manpower and operations teams. Instead of focusing on ensuring that their bingo businesses were compliant, these dedicated teams can now help improve the company’s core focus for an even better experience for customers.

Bingo business for Broadway Gaming

With the sale of the bingo businesses to Saphalata Holdings under Broadway Gaming, 888 has agreed to provide specific transactional services. This will continue for at least 12 months after the sale has been completed.

David Butler, CEO at Broadway Gaming, commented on the agreement, saying:

“We are delighted to reach an agreement with 888 to acquire its 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.”

"We have worked intensively with the 888 group over the course of the last few months and have been very impressed by the quality of the bingo platform and product, the B2C and B2B businesses, its approach to safer gambling and player protection and above all the management team,” continued Butler.

Broadway Gaming has shared that they will continue to focus on responsible gambling while creating a strong foundation in the bingo industry.

"We see significant further expansion opportunities in both the B2C and B2B segments and are very excited about our plans for the future, as we work closely together to become the pre-eminent online bingo business globally,” said Butler.

888 is ready to purchase William Hill

In the second half of 2021, 888 announced that they would be purchasing all of the non-US William Hill assets from Caesars Entertainment.

The deal is ready to be completed and will include as many as 1400 betting shops that are currently open to UK customers.

888 Holdings recently announced that they would soon be publishing a combined circular and prospectus for the William Hill International acquisition. The shareholder vote (which is necessary for the completion of the purchase) would determine how quickly the deal would be completed.

Published: January 7, 2022

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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