Online gaming operator Unibet has reached a deal to purchase the Bingo.com domain and Bingo.com Ltd’s related European real-money gambling operations.
Unibet has made a payment of $2 million (€1.7 million) to Bingo.com Ltd., including the $8 million acquisition price minus a $6m sale price for Unibet’s former investment in the company’s shares.
The deal will allow Bingo.com Ltd. to focus on its social bingo business.
“The online gambling industry as a whole is experiencing conditions of maturity where smaller firms are finding it increasingly difficult to compete,” Bingo.com chief executive Jason Williams said.
“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.
“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.”
source : www.igamingbusiness.com
