Broadway to acquire 888’s bingo and Dragonfish in $50m deal
The Broadway Gaming Group, operator of one of the largest UK Bingo networks, is to acquire 888’s B2C bingo business, and B2B bingo business (Dragonfish), in a deal worth $50m.
The acquisition will augment Broadway’s expansion strategy and enhance its already commanding position within the UK bingo market where significant opportunities exist. Broadway’s purchase of the B2C and Dragonfish B2B offerings includes a potential earnout of up to $4m based on certain performance criteria.
Moving to acquire these businesses will give Broadway a strong foundation to scale the business thanks to the Dragonfish platform’s capabilities as well as its customer proposition. Responsible gaming will continue to be a defining feature of Broadway’s operations and the acquisition will provide further customer protection capability.
Another core factor in the deal is welcoming aboard the highly experienced B2C and Dragonfish B2B bingo teams that will play a key role in accelerating Broadway’s progressive ambitions, that do not solely lie within the UK regulated market. Broadway’s purchase will bring onboard the entire bingo business of the 888 Group, including all its exclusive technology, assets, operations, B2B clientele and consumer-facing brands.
David Butler, CEO at Broadway Gaming, said: “We are delighted to reach an agreement with 888 to acquire its 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 have worked intensively with the 888 Group over the course of the last few months and have been very impressed by the quality of the bingo platform and product, the B2C and B2B businesses, its approach to safer gambling and player protection, and above all the management team. We see significant further expansion opportunities in both the B2C and B2B segments, and are very excited about our plans for the future, as we work closely together to become the preeminent online bingo business globally.”