Gambling firm 888 to sell Bingo to focus on core business, U.S. ops – Reuters

December 15, 2021 by No Comments

Dec 15 (Reuters) – British gambling firm 888 Holdings Plc (888.L) said on Wednesday it would sell its Bingo business to a unit of UK-based Broadway Gaming Group for $50 million, as it focuses on its core offerings and the U.S. market.

The online betting company, which undertook a strategic review of Bingo, said the sale encompasses all of the unit, including its exclusive technology, assets and consumer-facing brands.

888 has benefited from core platforms like online betting and gaming getting a boost during the COVID-19 pandemic as restrictions led consumers stuck at home to turn to online betting for entertainment.

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The deal will be on a cash- and debt-free basis, which means the seller will keep all the cash from its balance sheet and pay off its debt at the time of the sale.

“This strategic transaction will enable 888 to further increase its focus on its core platform and unified, scalable and proprietary technology,” Chief Executive Officer Itai Pazner said.

888 said the sale is expected to be completed during the second quarter of 2022, and would occur only if …….

Source: https://www.reuters.com/business/gambling-firm-888-sell-bingo-focus-core-business-us-ops-2021-12-15/

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