The affiliate group has sold three sites to Beach Services.
UK.- The affiliate group XLMedia has announced that it has completed the sale of three casino affiliate sites to Beach Services. It sold Casino.se, Casino.gr and Casino.pt, targeting Sweden, Greece and Portugal, for $4m.
The group reported that the sites generated $840,000 in revenue for the year ended December 31. That was 6 per cent of XLMedia’s total European casino revenue. Gross profit was reported at $750,000.
XLMedia says it will continue to operate its other gaming affiliate operations in Sweden and other European markets. It plans to use the proceeds of the sale for working capital and for future investments to promote expansion. It aims to continue to expand in both North America and Europe.
It said: “The board is pleased to be able to realise further substantial value from the sale. This comes after we recently also completed the sale of the loss-making personal finance business for $2.1m.”
New XLMedia CEO
In May, the London AIM-listed gambling media company appointed David King as CEO and as a member of its board of directors. King began his new role on July 1, succeeding Stuart Simms, who announced his resignation in April.
King was previously chief executive of JPIMedia Group. He served as CEO of Timeout Group from 2008 to 2012 and as CFO of BBC Worldwide operations from 1998 to 2008.
Last month, XLMedia finished selling its personal finance assets as it advanced with plans to trim non-core operations. It sold the MoneyUnder30 domain and website for $675,000 after the prior sale of DoughRoller, raising $2.1m in total.