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According to rumors, 888 is taking the risky step of selling off their bingo division.
The British gambling titans are set to sell their bingo business to the UK-based Broadway Gambling Group for £38 million in order to concentrate on their main casino features. It is also believed that 888 might receive a further £4 million from the deal if they meet performance criteria set for them over a six-month period.
The transaction is structured on a cash and debt-free basis, which means that the seller can keep the cash on their balance sheet and pay off any outstanding obligations at the time of sale.
At the time of writing, it is envisaged that the sale will be completed in the second quarter of this year, subject to the reorganization and revision of bingo rules in the United Kingdom.
Nonetheless, 888 is upbeat about the proposed merger, and Chief Executive Officer Itai Pazner highlighted how the company will gain.
“This strategic purchase will allow 888 to expand its focus on its core platform and unified, scalable, and exclusive technologies,” he said.
“As part of an expanded firm, I am extremely sure that the bingo industry has a great future.”
This transaction will include the complete bingo operation of 888, including its technology, assets, and consumer-facing brands. 888’s gross assets were assessed at roughly £50 million as recently as June.
Demand for all casino betting has risen in recent years, particularly among Britons who have been stranded at home due to the COVID-19 pandemic and are looking for a sort of escape. Traditional table games like poker and blackjack grew in popularity, but other popular casino games also grew in popularity. While there are various operators that offer casino gambling, 888 has taken the lead in this area. Aside from traditional games, 888 is well-known for having some of the best online slots cashback offers. 888 offers a broad selection of fantastic slots from the industry’s most known software developers, including Pragmatic Play, NetEnt, and Play’N Go. These software developers have created some of the best games, including Age of Gods, which offer a fantastic array of supplementary features to keep players hooked and returning for more.
However, it is evident that 888 did not make this decision lightly. They know the path the company should take by focusing on the essential features of their gaming industry.
Of course, only time will tell how the sale of the bingo company would affect 888. Nonetheless, they’ve uncovered a way to strengthen the organization. Read more about the highest paying slots in the UK.
It’s a great time for the company and its devoted fan base, and it’ll be interesting to see how 888 evolves in the next few years.