Dec
27th

888 Purchases Wink Bingo

As a result of Wink Bingo’s success the London trading 888 Holding group has agreed to purchase Wink Bingo for an initial 11.1 million pounds in an attempt to strengthen the online gaming firm’s presence in the market.

According to the agreement the 11.1 million pounds will be paid in cash and earn out payments up to a maximum sum of nearly GBP 60 million will be paid out according to Wink Bingo’s performance over the following twelve months.

The Daub limited owned Wink Bingo incorporates many top brands in the industry, including Bingo Fabulous and Posh Bingo.

Gigi Levy, Chief Executive Officer of 888 Holdings, reported that by purchasing Wink Bingo the company will be able to expand its B2C online bingo footprint “in the lucrative U.K. market”. He also feels that with the Wink team’s proven track record the transaction will be financially attractive to 888. The new Wink Bingo will in future operate on the Dragonfish bingo network.

888 Holdings purchased Globalcom, a bingo operation, for $43.4 in March 2007 as it thought that Bingo will be the online gambling industry’s future growth area. 888 was also linked with a takeover of Cashcade (owners of Foxy Bingo) earlier this year but lost the deal to Party Gaming.

Three years ago 888 was forced to cease operating in America but Levy is hoping that the company will once again have a chance to operate in the U.S. market in the near future.

The first three quarters of 2009 saw 888’s B2C sector grow by almost 100%.

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