Unibet completed the acquisition of Bingo.com domain and its related European operations and customer base.
Unibet acquires Bingo.com; NYX Gaming launches Sit & Go tournamentsThe $8 million total value deal will see Unibet to pay Bingo.com $2 million in cash for its brand and operations.
Bingo.com Ltd will further gain a redemption of Unibet Plc shares in the company, which are valued at $6 million and will also change operating name to Shoal Games Ltd.
Jason Williams, Bingo.com Ltd CEO, stated that the company would solely focus on the development of its social gambling products.
“The online gambling industry as a whole is experiencing conditions of maturity where smaller firms are finding it increasingly difficult to compete. Bingo.com’s European gambling business, built with the www.bingo.com brand and URL, has therefore found it difficult to compete effectively with larger operators.” Williams said. “In response to these facts, the Bingo.com management team decided it was in the best interests of the Company to sell the online gambling business; the associated brand and URL and determined the offer negotiated with Unibet, the company’s own online gambling partner and technology provider, was fair and the best offer available to the company for those assets.”