The deal will bring the small Bingo iGaming provider under the wing of Unibet.
Unibet has acquired the online gaming domain of Bingo.com and all related European operations and customer bases on a deal valued at $8 million.
The Deal
The deal includes $2 million cash for Bingo's brand and operations, with the remaining value of the transaction coming in the form of redemption of Unibet shares at a value of $6 million.
The transaction also brings about a change in its operating name, to Shoal Games Ltd. Bingo CEO Jason Williams clarified that the new priority of the company would be development of social gambling products, the new area where competition is being centralized in the current iGaming and technological market.
Name Change
With the sale of the Bingo.com domain and operations, Bingo.com Ltd has confirmed that it will change its operating name to Shoal Games Ltd. Bingo.com Ltd CEO Jason Williams stated that the company would solely focus on the development of its social gambling products.
Competitive Survival
Williams clarified the strategy of his company in pointing out what he called the maturation of the market that makes it more difficult for smaller firms such as Bingo to survive with larger dominant market 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.”
What this means to the public market is that Unibet adds Bingo.com's branding and existing offerings of European bingo to the offerings originated by iGaming brand Maria.com, purchased by Unibet in 2008.
Free Social Gambling
A unique free social bingo game developed by Bingo.com is one of the highlights of the new range of social gaming availability resulting from the deal on Unibet. Trophy Bingo is already live in Apple App Stores and Google Play stores worldwide.
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