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888 agrees $50m sale of bingo business to Saphalata

888 agrees $50m sale of bingo business to Saphalata

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The sale of 888 Holdings’ B2C and B2B bingo businesses to Saphalata Holdings for $50m should complete next year, conditional on a British licence being granted to the restructured entity.

Saphalata, of the Broadway Gaming Group, will receive a number of transitional services from 888, for a period of up to 12 months and according to an agreed fee schedule. In 2020, the bingo businesses generated revenues of around $65m for 888, but the focus now is switching to core activities, as CEO, Itai Pazner, explained: “Following a strategic review, we have taken the decision to sell the bingo business. This strategic transaction will enable 888 to further increase its focus on its core platform and unified, scalable and proprietary technology, and grow our key product verticals of the casino, sport and poker, as we continue in our mission to be one of the world’s leading online betting and gaming businesses.”

David Butler, CEO of Broadway Gaming, added: “We are delighted to reach an agreement with 888 to acquire its bingo business and platform. By combining these with our existing business and brands, which include Butlers Bingo, we will be able to achieve an even stronger global footprint in key regulated bingo markets.”