888 Holdings has completed the sale of its B2C and B2B bingo businesses to Broadway Gaming Group’s Saphalata Holdings.
Saphalata originally agreed to buy 888’s B2B and B2C bingo operations in December for $45.3 million in cash, plus $2 million paid within one year on an agreed fee schedule. The B2B bingo businesses are operated under the Dragonfish brand, while the B2C bingo businesses involve several brands. Mainly active in the U.K., the businesses together generated around $65 million in revenue and $7.4 million in EBITDA in 2020.
“We are delighted to complete the acquisition of 888’s high-quality bingo business and platform,” said Broadway Gaming CEO David Butler. “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 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 preeminent online bingo business globally.”
“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,” 888 chief executive Itai Pazner said.
“As part of a dedicated bingo operator, I am very confident in the future prospects of the bingo business and wish the team well.
“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.”
