888 Holdings is divesting its bingo operations to Broadway Gaming, a branch of Saphalata Holdings, for a sum of $50 million. The transaction is anticipated to be finalized in the second quarter of the following year, subject to regulatory clearance.
888, a publicly traded corporation and prominent participant in the internet gaming industry, will provide transitional support to Broadway for a period of up to one year. The firm opted to offload its bingo segment to concentrate on its primary offerings, such as casino diversions, sports wagering, and poker.
Itai Pazner, the CEO of 888, indicated that the divestiture will enable the company to “further bolster its emphasis on its core platforms” and “expand our principal product verticals of Casino, Sport, and Poker.”
David Butler, the CEO of Broadway Gaming, remarked that the acquisition will provide the company with “a substantially augmented global presence” within the online bingo sector. Broadway Gaming possesses and manages various online bingo brands, including “Butlers Bingo.”
During the ninth month of 2021, the gaming behemoth 888 Holdings substantially broadened its reach by purchasing the non-United States holdings of William Hill from Caesars Entertainment. This colossal transaction brought 888 an additional two million active patrons in the United Kingdom and 1,400 wagering establishments.
On a separate note, 888’s bingo endeavors demonstrated considerable profitability in 2020, garnering approximately $65 million in earnings and yielding $7.4 million in profit before deducting taxes, interest, depreciation, and amortization.