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888 Poised to Sell Bingo Business To Focus On Core Casino Operations

888 is taking the bold step of selling off the bingo arm of their business, according to reports.

The British gambling giants are poised to sell their bingo business to the UK-based Broadway Gambling Group for £38million so that it can focus more on their core casino elements.

It is also thought 888 could receive a further £4m from the sale providing they reach performance targets set for them over a six-month period.

The deal is framed on a cash and debt-free basis, which means the seller can retain the cash on their balance sheet, and then pay off any outstanding debts at the time of the sale.

At the time of writing, it is expected the sale will be concluded in the second quarter of this year, and this is also dependent on the restructuring of and change in the bingo laws in the UK.

Nevertheless, 888 are in good spirits about the potential deal, and the company’s Chief Executive Officer Itai Pazner, explained how 888 will benefit.

He said: “This strategic transaction will enable 888 to further increase its focus on its core platform and unified, scalable and proprietory technology.

“As part of an enlarged business, I am very confident that the future for the bingo business is bright.”

This sale will cover the entirety of 888’s bingo business, including all technology, assets and consumer-facing brands. As recently as June, the gross assets of 888 were valued at around £50m.

Over the past couple of years, demand for all casino betting has soared, especially with Britons stuck at home during the COVID-19 pandemic and looking for a form of escapism. Traditional table games, such as poker and blackjack saw an uplift, but other popular casino games also experienced more popularity. While there are many operators out there that cover casino gambling, 888 took the lead in this respect. Aside from traditional games, 888 is held in high regard for featuring some of the best online slots. 888 has an extensive range of incredible slots from the most renowned software developers in the business, including Pragmatic Play, NetEnt, and Play’N Go. These software developers have produced some of the finest games, including Age of Gods, which serve up a terrific range of bonus features to keep players hooked and coming back for more.

However, what is clear to see, is that 888 hasn’t taken its decision lightly. By focussing on the core elements of their casino business, they know the trajectory the company should be taking.

Of course, only time will tell before we see the impact the sale of the bingo business has on 888. Nevertheless, they have identified an opportunity to strengthen the company.

It is an exciting time for the business and its loyal legion of players, and it will be fascinating to see how 888 develops in the years to come.

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