![]() ![]() This strategic Transaction will enable 888 to further increase its focus on its core platform and unified, scalable and proprietary technology, and grow our key product verticals of casino, sport and poker, as we continue in our mission to be one of the world’s leading online betting and gaming businesses. Itai Pazner, CEO of 888, commented: “Following a strategic review, we have taken the decision to sell the bingo business. Completion is currently expected to occur during the second quarter of 2022. The value of the gross assets subject to the transaction, including the remaining goodwill, as set out in the 30 June 2021 balance sheet, was approximately US$71 million.Ĭompletion of the Transaction is conditional upon, amongst other items, completion of a reorganisation of the bingo business and that new structure receiving its own UK Gambling Commission (“UKGC”) licence. ![]() The loss before tax in 2020 was $76.4 million, including a goodwill impairment of $79.5 million. The bingo business, which is substantially UK-based, generated in 2020 revenue of approximately $65 million and EBITDA of $7.4 million. The Transaction encompasses the entire bingo business of the Group, including all its exclusive technology, assets, operations, B2B clientele and consumer-facing brands. The bingo business, which is delivered through a combination of B2B services under the Dragonfish brand and multiple leading B2C brands, is operated on a separate technology platform and primarily served by a designated operations team. Consideration will be paid in cash upon completion of the Transaction, with the potential earnout payable within approximately six months thereafter.Ĩ88 Holdings has agreed to provide Broadway certain transitional services for a period of up to 12 months from completion, in accordance with an agreed fee schedule.Ĩ88 has a clear 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.Īs part of a strategic review, the Group took the decision to sell the bingo business to improve its focus on its core platform, enabling greater resources to drive growth in its core markets and reducing compliance complexity arising from related accounts across B2B and B2C bingo and 888’s core platform. ![]() The consideration is $50m on a cash-free debt-free basis, including a potential earnout of up to $4m, based on achievement over six months of revenue-based performance criteria. LONDON, UK: 888 Holdings (LON: 888) has reached an agreement to sell its entire B2C and B2B bingo businesses to Saphalata Holdings Ltd., a member of the Broadway Gaming group. ![]()
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