888 completes sale of bingo business to Saphalata Holdings
The sale forms part of 888 Holdings’ restructuring following its acquisition of William Hill.
UK.- 888holdings, the gaming operator and new owner of the William Hill and Mr Green brands in Europe, has completed the sale of its bingo business to Saphalata Holdings as it advances with its restructuring.
Broadway Gaming Group‘s Saphalata agreed to buy 888’s B2B and B2C bingo operations in December. It was to pay $88m on completion and a conditional $2m in one year. 888 will continue to provide “certain transitional services” based on an agreed fee schedule.
The B2B bingo businesses are operated under the Dragonfish brand, while the B2C bingo businesses involve several brands. Mainly active in the UK, the businesses together generated around $65m in revenue in 2020 and EBITDA of $7.4m. The loss before tax was $76.4m. Revenue for the first half of 22 was around $25m. Broadway Gaming now aims to become the UK’s leading online bingo provider.
Its CEO, David Butler, said: “We are delighted to complete the acquisition of 888’s high quality 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.
“We see further expansion opportunities in both the B2C and B2B segments, and are very excited about working with the management team to deliver on our plans for the future, as we look to become the preeminent online bingo business globally.”
888 CEO Itai Pazner said: “I would like to express my immense gratitude for all of the hard work of the bingo team over the years, and in particular their unwavering commitment to the business since we announced the transaction.
“As part of a dedicated bingo operator, I am very confident in the future prospects of the bingo business and wish the team well.
“The successful completion of this strategic transaction enables 888 to further increase its focus on integration with William Hill and delivering on our mission to be one of the world’s leading online betting and gaming businesses.”
888 Holdings has appointed three new non-executive directors following its executive restructuring on completion of its acquisition of William Hill’s European retail and online assets. It has named Andrea Gisle Joosen, Andria Vidler and Randy Freer as independent non-executive directors on the board.
888 Holdings completed its £1.95bn acquisition of William Hill’s non-US assets last week, including the brand’s UK retail estate. Now owning land-based bookmakers for the first time, it has announced a reshuffling of its leadership team following the deal.
Itai Pazner will remain chief executive with Yariv Dafna as group CFO. They will lead a new C-level team comprising a mix of 888 and William Hill executives. Vaughn Lewis, who joined 888 from Flutter Entertainment last year, will lead international growth initiatives as chief strategy officer.
Meanwhile, Guy Cohen will serve as chief operations officer (COO), leading day-to-day operations, and William Hill’s Mark Skinner will serve as chief people officer. Satty Bhens, who led technology at William Hill, has been named chief technology and product officer and will oversee the integration of William Hill’s brands, including Mr Green, with 888’s own B2C portfolio of 888 and SI Sportsbook in the US.
Naama Kushnir, previously COO, is now chief transformation officer. Phil Walker, William Hill’s managing director for the UK, will serve in the same position for 888. It had already been announced that William Hill chief executive Ulrik Bengtsson would leave the company after three years in the role.
