888 Gaming Company to Sell Bingo to Focus on Core Business, U.S. Operations

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Dec. 15 (Reuters) – UK gambling company 888 Holdings Plc (888.L) said on Wednesday it would sell its bingo business to a unit of UK group Broadway Gaming for $ 50 million as it was focuses on its core offerings and the United States. Marlet.

The online betting company, which has undertaken a strategic review of Bingo, said the sale encompasses the entire unit, including its proprietary technology, assets and consumer brands.

888 has benefited from basic platforms such as betting and online games which have received a boost during the COVID-19 pandemic as restrictions have led consumers trapped at home to turn to betting online for entertainment.

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The transaction will be on a cash and debt free basis, which means the seller will keep all the money on their balance sheet and pay off their debt at the time of the sale.

“This strategic transaction will allow 888 to focus more on its core platform and unified, scalable and proprietary technology,” said CEO Itai Pazner.

888 said the sale is expected to be finalized in the second quarter of 2022 and would only take place if Bingo is reorganized and the new structure receives its own license to operate under UK laws.

In September, 888 agreed to buy William Hill’s non-core business outside the United States from the Caesars casino group (CZR.O), giving access to its two million active users in Britain as well as to 1,400 paris stores. Read more

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Reporting by Amna Karimi and Sinchita Mitra in Bangalore; Editing by Rashmi Aich and Devika Syamnath

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