The sale of the bingo business to Broadway Gaming was completed this week, and we’re excited for what’s next!
Broadway Gaming group member Saphalata Holdings has confirmed the completion of its acquisition by 888s B2C and B2B Bingo businesses for $100M, subject to customary closing conditions including regulatory approval in New Jersey.
The deal has been valued at an impressive $45.2 million, with 43% payable upon completion and the remaining 2 guaranteed years worth of payments! 888 is providing transactional services for 12 months after sale to Broadway – as agreed-upon in their fee schedule value commitment.”
“Itai Pazner, the CEO of 888 has expressed his gratitude for all that was done by this business over time. He especially thanks those who have committed themselves unwaveringly in what can be seen as tough times ahead with more work needed to secure success.”
“To say that we’ve executed well in this strategic transaction would be an understatement. The successful completion of such a complex deal is due to our stellar team work and commitment towards delivering on the company’s mission statement: “One William Hill.”
The UK-based bingo business is on an upward trajectory. In H1 2022, it generated $25m in revenue and that number has been increasing over the past 12 months by approximately 54%.
David Butler, CEO of Broadway said they are “delighted to complete the acquisition” for 888’s high-quality bingo business and platform. With this addition their existing brands will now include ‘Butlers Bingo,’ which means that with one purchase David has managed not just expand internationally but also increase accessibility in key regulated markets like Australia where it is illegal withoutmeter room or Automated Transfer Regulations (ATR) license if you want your online gamesite licensed!
“The team has been hard at work on expanding our reach, and we’re very excited about what the future holds. There is plenty more growth ahead for us here!”
The company has been making some major moves in recent months, and it seems like they’re not done yet! In July 2022 888 made three additions to its board of directors following on from the acquisition that was announced last year. The new faces bring with them extensive experience including two CEOs who have led large organizations before taking their current positions at GBP Networkers headquarters- one Englishman UK based abroad; And another Scot Irishmen living here but whose family roots hail back several generations ago across England’s shores.
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