The gaming behemoth, 888, is bolstering its UK bingo presence by purchasing a collection of brands under the Jet banner. This strategic maneuver aims to fortify 888’s already dominant standing in the UK’s digital bingo sector.
The transaction, estimated at £18 million (roughly $23.3 million), grants 888 ownership of several prominent brands previously functioning on 888’s Dragonfish bingo platform as B2B associates. The procurement comprises an initial disbursement of £12 million, with the remaining £6 million payable in September 2019.
Included in the acquired brands is the Mandalay group, encompassing recognizable names such as Costa Bingo, City Bingo, and Sing Bingo. Formerly overseen by the JPJ Group, these brands will now be managed by 888 under a B2C framework.
888’s Chief Executive, Itai Pazner, highlighted the company’s dedication to broadening its global reach in regulated markets, both organically and through calculated acquisitions. He conveyed enthusiasm about incorporating these established brands, particularly Costa Bingo, into 888’s existing B2C assortment.
Pazner contends that capitalizing on 888’s strengths in product innovation, marketing, and client relations will unlock substantial synergies and expansion prospects for the newly obtained brands.
This acquisition comes shortly after Pazner’s recent discussion with Gambling Insider, where he delineated 888’s strategic direction following the exit of former CEO Itai Frieberger.
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