The international gaming powerhouse, 888, is divesting its Latvian business unit to Paf, a Nordic gaming corporation, for €28.3 million (roughly $30.5 million). The transaction, anticipated to finalize in the upcoming weeks, involves an initial payment of €24 million to 888, with the balance payable in 2024.
This divestiture underscores 888’s strategic emphasis on its primary markets. Lord Mendelsohn, 888’s Executive Chair, clarified that the Baltic region constitutes a comparatively minor portion of their overall operations.
Paf, already a stakeholder in the Latvian entity, will obtain the remaining 90% ownership. The Latvian firm, which manages the renowned William Hill and Mr Green brands under license, will retain the use of these brands during a transition phase.
Both 888 and Paf conveyed optimism regarding the Latvian business’s prospects. Janis Tregers, the Latvian company’s co-founder and Managing Director, expressed belief that Paf’s guidance will guarantee sustained prosperity. Christer Fahlstedt, Paf’s CEO, shared this sentiment, conveying enthusiasm about expanding upon the company’s accomplishments in Latvia.
At a distance, Latvia’s gaming sector appears to be adopting more stringent safeguards for its participants. This dovetails seamlessly with Paf’s established approach. Notably, Gambling Insider recently engaged in a dialogue with Paf concerning the prevailing landscape of European gaming legislation.
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