The online gaming behemoth, 888 Holdings, is divesting its bingo operations to Saphalata Holdings, a branch of Broadway Gaming Group, for a substantial $50 million. This action permits 888 to concentrate on its primary offerings such as casino games, wagering on sporting events, and poker, where it perceives the greatest opportunity for expansion. The transaction, anticipated to finalize in the second quarter of the following year, depends on some reorganization and regulatory consent in the United Kingdom. However, 888 will remain for approximately twelve months to assist with the changeover. 888’s Chief Executive Officer, Itai Pazner, views this as a calculated maneuver to refine their concentration and utilize their technology for worldwide growth. David Butler, Chief Executive Officer of Broadway Gaming, is similarly eager, perceiving this acquisition as a strategic play that solidifies their position in the regulated bingo sector, particularly with the inclusion of well-known brands.
During the ninth month of 2021, 888 Holdings substantially increased its footprint in the United Kingdom by purchasing William Hill’s non-American holdings from Caesars Entertainment. This provided 888 with two million active users in the UK and a sizable retail network of 1,400 wagering locations.
A key component of 888’s operations continues to be Bingo. In 2020, it brought in roughly $65 million in sales and $7.4 million in earnings before interest, taxes, depreciation, and amortization.
