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23 December 2009
Bingo News: 888 Buys Wink Bingo
Daub Ltd have agreed to sell all their bingo sites to 888 for up to £59.7 million. Two years ago 888 lost half of its sales when online gambling was made illegal in the U.S.
After losing out to the sale of Cashcade Ltd to Party Gaming this was a much needed acquisition for the firm to strengthen its position in the UK bingo market.
Gigi Livy, chief executive of 888 said "This is a lucrative deal, we think it’s a very reasonable price, Despite what some people think, there is a lot of room for growth in online bingo; we’re expecting 20 to 25 per cent growth next year.”
Wink Bingo, Posh Bingo and Bingo Fabulous will all be part of the sale with a player base of around 60,000.
Over the past 12 months Wink Bingo alone had revenues of £15 million and a profit before tax of £1.3 million.
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