888 Holdings, which is a London Listed online gaming operator has agreed to a deal, which would enable it to acquire a selection of JPJ Group brands. The sale at hand is worth eighteen million British Pounds. The list of brands that it is going to purchase includes Spin Bingo, City Bingo, and Costa Bingo, which seems that this purchase aims to solidify 888’s positions in the UK Bingo market.
888 Purchased Numerous UK Bingo Brands from Jet Management Group and Jet Media
888 has acquired a number of the online UK Bingo brands from Jet Media and the JPJ Group, that forms the basis of the Mandalay unit. 888 Holdings have collaborated with the Mandalay bingo brands for numerous years since 2009. It provided it with the bingo platform, Dragonfish. The new Chief Executive of 888 Holdings, Itai Pazner, stated that the new deal is going to help the company solidify and strengthen its position in the digital bingo market of the United Kingdom. 888 Group is going to front a total of 12 million pounds in cash after the acquisition’s closure. As for the remaining 6 million pounds, the company will pay them in money a few months from now, in September. The deal should reach its final stage by the end of next month, after a consultation process with the employees.
The Chief Executive also added that the group is continuing to deliver the expansion strategy that it has in the books, across the international regulated markets. He also stated that the company supports such expansions by the initiatives of organic growth that the company supports by the exploration of value enhancing M&A.
888 Holdings’ Chief Executive also noted that having developed Dragonfish, the first-class B2B platform of the group, they are sure that consolidating these different JPJ brands into 888’s existing B2C portfolio is going to deliver growth opportunities and synergies, as they apply the full extent of the product capabilities of 888, in addition to customer relationship management and marketing to the operations.
On the other hand, JPJ Group stated that the UK Bingo deal is going to allow the company to optimize returns in the company’s market investment, by developing the single brand strategy, which is Jackpot Joy in the United Kingdom. In the 12 months leading to December of last year, the Mandalay group generated around £11 million in revenue, with approximately 3.7 million in profit before assets taxes.
London Received one-fifth of the National Lottery’s Contribution
Reports indicate London received more than 1/5 of the contribution of the National Lottery to good causes. The staggering amount is almost 10x times more than the amount of money that Birmingham received. The total donation was 277.9 million, and the UK’s capital received a massive amount of 56.5 million, unlike the other regions in the UK, that received a far less amount. When it comes to the Eastern Part of England for instance, they only received 13.3 million, while the South West received 14 million pounds.