888 has concluded the divestiture of its bingo division to Broadway Gaming. The transaction, valued at $45.2 million, provides 888 with $43.2 million in initial proceeds and the balance of $2 million disbursed over the coming year.
This divestment enables 888 to hone its concentration on assimilating William Hill’s business, a pivotal move in its ambition to transform into a global online wagering and gaming leader. Although the bingo operation generated a respectable $25 million during the initial six months of 2022, 888 evidently perceives more substantial prospects on the horizon.
Broadway Gaming, already a recognized entity within the online bingo realm, expresses enthusiasm regarding the acquisition. They perceive 888’s infrastructure and established user base as significant resources that will reinforce their own standing within the sector.
This purchase will solidify our standing as a top bingo provider worldwide. The merger of these reputable brands with our current portfolio, including ‘Butlers Bingo,’ enables us to target important regulated markets more efficiently.”
888 has been transparent about its goal to lead the online bingo market, recognizing significant growth opportunities in both the consumer and commercial sectors. They are enthusiastic about collaborating with the existing leadership team to realize their aspirations.
This news comes on the heels of several strategic initiatives by 888, such as the addition of three new board members following their acquisition of William Hill’s non-US holdings in July 2022.
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