The UK-based online casino operator Broadway Gaming has completed the acquisition of 888 Holdings’ bingo section. The $45.25 million transactions encompasses 888’s entire B2B and B2C bingo company and include a one-year transitional term during which 888 will offer transitioning help for a charge.

888 Abandons Bingo to Concentrate on iGaming and Betting

According to reports, 888 wanted to concentrate on its core activities, such as betting and gaming. Itai Pazner, CEO of 888, indicated in December that the acquisition will help the firm achieve its iGaming and betting expansion objectives. The sale proceeds will likely be used to fund the operator’s recent expansion into North America and its partnership with William Hill. In September of 2021, the two corporations finalized an acquisition deal. 888 will acquire William Hill’s European operations. The completion of the transaction will put around 1,400 betting shops under the operator’s management that are listed in London.

Broadway Is Determined to Become a Top Bingo Service

This transaction will result in Broadway Gaming acquiring a very profitable firm that comprises many B2C operators and consumer-facing brands. 888’s bingo branch focuses on the United Kingdom. It produced around $54 million in gaming income over the last year and $25 million in the first half of 2022. The fact that 888’s Dragonfish bingo arm is built on a distinct technological platform and is operated by a separate staff will ease Broadway’s integration of this new operation. The CEO of Broadway Gaming, David Butler, was ecstatic with the transaction. He claimed that the Dragonfish team will assist the firm in achieving its goal of being a worldwide leader in the regulated bingo market. 

Broadway maintains various bingo subsidiaries and its own Butlers Bingo brand at present. 888bingo and 888ladies, as well as Robin Hood, the Wink, and Costa, are currently under the jurisdiction of the firm. These locations together represent a substantial percentage of the UK bingo industry and will offer a solid basis for Broadway to expand its company. The corporation reiterated its commitment to responsible gaming and client security. 

The acquisition might be dangerous for Broadway, given the UK bingo business posted $69 million in losses in 2020. The advantageous purchase conditions stem from the fact that the agreement with 888 was “cash and debt-free.” As a consequence, Broadway will not be obligated to repay any existing debts, but it will also not receive any earnings.