888 Holdings Sells Bingo Business to Broadway Gaming in $50 Million Deal
The gaming giant, 888 Holdings, is divesting its bingo operations to Saphalata Holdings, a Broadway Gaming Group entity, in a transaction valued at $50 million. Anticipated to finalize in the second quarter of the following year, the agreement awaits regulatory consent. 888, a prominent player in the online betting and gaming sector, intends to utilize the funds to prioritize its principal casino, sports wagering, and poker ventures. This calculated maneuver will empower 888 to allocate additional resources toward technological advancements and expansion into untapped markets. Broadway Gaming, recognized for its ownership of renowned brands such as “Butlers Bingo,” is poised to bolster its global footprint within the online bingo domain through this strategic acquisition.
During the ninth month of 2021, 888 Holdings increased its presence in the United Kingdom by purchasing William Hill’s non-American holdings from Caesars Entertainment. This substantial transaction brought two million active British clients and 1,400 wagering establishments into the 888 fold.
Regarding the British market, 888’s lotto-style game operations there demonstrated considerable profitability in 2020, producing approximately $65 million in earnings and $7.4 million in earnings before interest, taxes, depreciation, and amortization.
