After the United States made online gambling illegal 888 had to look elsewhere to help boost their income. They turned to developing new gaming products. Bingo being one of these products, which was a wise move as online bingo has taken off in the UK. In fact bingo is one of the fastest growing areas of business.
To keep their growth going, 888 have agreed to aquire Wink Bingo from Daub Ltd. The sum agreed is 59.7 million Pounds. Their initial payment will be 11million to Daub Ltd and then further payments will be made based on performance. This will give an added incentive for the Wink Bingo team to keep their balls rolling smoothly.
The Wink Bingo acquistion is a strong one for 888’s B2C online bingo footprint. They are happy with expansion and are happy with the pretax profit of 1.3million pounds over the last 11months. The recession does not seem to have any affect on the 888 empire. Their market expectations for a full years pretax profit is standing at 35 to 39million pounds. Wouldn’t we all like a share of that.
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