Bingo News
888 Holdings Acquires Wink Bingo from Daub Limited
888, one of the world’s most popular online gaming entertainment companies, announces that it has entered, through a wholly owned subsidiary, into an agreement to acquire the assets comprising the Wink Online Bingo business (“Wink Bingo”) from Daub Limited.
The transaction marks a further expansion of 888’s B2C emerging offering segment. The segment grew by 99% during the first three quarters of 2009.
Wink Bingo runs several online bingo networks including Wink Bingo, Posh Bingo and Bingo Fabulous. The network is operated on the Dragonfish bingo infrastructure. Wink Bingo was launched in early 2008, and now has over 60,000 active players (as of October 2009), making it one of the most popular sites for online bingo.
During the 11 month period ended 30 November 2009, Wink Bingo had revenue of £15 million and profit before tax of £1.3 million. As at 30 November 2009 Wink Bingo and its subsidiaries had gross assets of £1.6 million.
The consideration payable to vendor consists of (i) base price and (ii) earn-out subject to certain adjustments. The base price of £11.0 million will be paid in cash to the vendor at completion.
888 Holdings also operates the online bingo site 888Ladies.com
Party Gaming Acquires Cashcade Limited
Party Gaming has completed the acquisition of Cashcade Limited, the online bingo site operator and owner of online bingo sites including FoxyBingo.com, ThinkBingo.com, LittleBigBingo.com, CheekyBingo.com and FoxyZero.com amongst others. The deal is said to be worth £95.9 million in total and will increase Party Gaming’s online bingo presence in the UK alongside its own PartyBingo.com site.
