Online gaming company 888 just agreed to buy Wink Bingo for a price that could reach as high as $96 million. Following a large down payment, the remainder of the price will depend on the site’s performance in coming months. 888 made the purchase to increase their presents in the rapidly-growing online bingo market.
New York Times: 888 Buys Wink Bingo For Up to £60 Mln
Online gaming company 888 just agreed to acquire Wink Bingo from its current owner Daub Ltd for as much as 59.7 million pounds, and said that current trading remains strong and in line with projections.
888 develops new gaming products like bingo to help offset the effect of online gambling becoming illegal in the United States two years ago, which lead to the loss of half of the group’s sales income. Today, bingo is the fastest growing area of its online business.
“We are delighted to announce the Wink Bingo acquisition as an expansion of our B2C online Bingo footprint in the lucrative UK market. The transaction is financially attractive and will be earnings enhancing,” said Gigi Levy, 888’s CEO.
Details suggest 888 will first pay 11 million pounds to Daub on completion, followed by subsequent payments based on performance. Payments are set between five and six times the businesses earnings before interest, tax, depreciation and amortisation in the year to March 31, 2011.
Wink Bingo saw revenue of 15 million pounds with pretax profit of 1.3 million pounds in the 11 months prior to November 30th.
Shares in 888 were up 1.1 percent, trading at 112.8 pence.
domain-b: 888 acquires online game Wink Bingo for $96 million
Gibraltar-based 888 Holdings Plc. Recently agreed to buy Wink Bingo for as much as £60 million ($96 million) in an effort to enhance the company’s presence in the online bingo market, which is the fastest-growing area of the internet gaming industry.
An initial payment of £11 million will be given to Wink’s current owners Daub Ltd., followed by as much as £48.7 million in late 2011 depending on performance. This second payment is capped at £59.7 million.
Wink Bingo arrived with a bang in early 2008, and soon became very well known. Sponsoring popular UK television show’s like Harry Hill’s TV Burp and running amusing adverts like the Dancing Dog helped Wink Bingo increase their player base by more than 60,000 players each month.
With this acquisition, 888 hopes to catch up with bingo competitors Gala Coral, PartyGaming and Gamesys. In July, 888 lost a bidding war with PartyPoker when trying to acquire Cashcade, owner of Foxy Bingo, which also sold for £96 million.
888 reported that trading in this fourth quarter remains strong, showing growth of about 8 per cent over the third quarter of 2009.
London Evening Standard: 888 gets the nod for online bingo business Wink
Online gambling company 888 today dished out £60 million for an internet bingo business that started less than two years ago.
888 will pay Daub Limited, owners of Wink Bingo, as much as £59.7 million for the bingo business, which also includes the brands Posh Bingo and Bingo Fabulous.
The fast-growing industry of internet is very attractive to online gaming firms like 888 and PartyGaming, which are both constantly looking for partnerships.
Wink Bingo was just launched in 2008 but already supports more than 60,000 active members, making it one of the more popular bingo sites on the net.
It saw revenues of £15 million and profits of £1.3 million during the first 11 months of 2009.
888 will pay £11 million up front, with the remainder of the price possibly reaching as high as £59.7 million – this depends on the site’s performance in the next year.
888 chief executive Gigi Levy said: “We are delighted to announce the Wink Bingo acquisition as an expansion of our online bingo footprint in the lucrative UK market.
“The Wink team has a proven track record of excellence and will be a great addition to our growing bingo business.”
Levy also remarked that trading at 888 “remains strong and is in line with management’s expectations”.
The following is an overview of the top-rated brands for online casino games and online bingo in the UK. Often, one site will offer both services under one account, which is a good deal for players who are interested in variety.
It’s almost as old as the internet, and it’s one of the most well-known brands in the online gambling world. They run a very solid Cryptologic casino with over 200 games available. Bonuses are strong ($225 for new players) and a VIP club treats strong players to extra benefits.
Spin Palace Casino
This is the flagship casino of the Spin Palace Group of online gambling sites. It is also one of the most complete Microgamign casinos on the net, with more than 400 different games available in the download suite. Look for regular tournaments on both blackjack and slots at this great site.
This is another huge Microgaming casino, and this one is particularly famous for its excellent Club Rouge loyalty program, a great comps system that gives a little back on every wager. As an added bonus, UK players will recognize Patsy Kinset as the dealer’s voice (she played Sadie King on Emmerdale).
All Slots Casino
This Microgamign site supports over 400 games and runs great slots and blackjack tournaments. The casino is tied in with several others in the Jackpot Factory group through a networked loyalty program that benefits players by letting them spend their points at any participating casino.
The Virgin brand is notorious in the UK, and their online casino lives up to it. It is 100% instant play, so there is nothing to download or install. Hundreds of games and great promotions keep players busy all year long. Earn bonus points and trade them for store vouchers, airline miles, and more.
While this site is just five years old, it is one of the biggest and best around. Inside, 40 rooms offer just about every imaginable form of bingo, from zany 75 ball pattern games to intense 90 ball coveralls. A free £20 welcome bonus helps new players try out a few games on the house.
Jackpot Joy Bingo
Fifteen styles of bingo fill the halls of this great site. Many games are only found here, like their Family Fortune Team Bingo that is modeled after the popular television game show. Join now for a 100% deposit match, and then jump in on some progressive bingo games to win massive prizes.
This is a bubbly pink site with a fun and playful atmosphere, but that doesn’t mean they’re not serious about bingo. With both 75 ball and 90 ball games offering jackpots as high as £10,000 the money here just never stops flowing. Grab £15 free when signing up, and get 10% cashback for life.
The Virgin brand was already mentioned as a great casino site, but they run a tremendous bingo site as well. Enjoy 75, 90, and even unique 80 ball games, plus great chat rooms, non-stop promos, and weekly cashback bonuses. Players can even sign in using their Virgin Casino accounts.
Every new player at Mecca Bingo starts off getting a 100% deposit match bonus up to £50, and that’s only the beginning. Daily specials give players lots of ways to win, while several rooms packed with non-stop games means there is always something happening. They even have Deal or No Deal bingo games!
These ten sites represent the best of the best in the world of online gambling in the UK. They are all industry leaders, and they do a good job of demonstrating the immense creativity that can be found in online gambling sites. Of course, these sites are just the crème of the crop, and there are quite a few more excellent casinos and bingo sites that cater to players in the UK.
At the end of the day, players can either give in to advertising and stick with just one brand because it’s always on the tele, or they can take some time to explore what is available, and decide for themselves which online gambling site best fits their style. What type of player are you?