Gibraltar based 888 Holdings who are behind the 888 group of online gaming companies has today announced the acquisition of the brands of Jet Bingo, which includes Costa Bingo.
In a deal which will see 888 Holdings pay out an initial £12m, rising to £18m in September of this year, the move will see 888 consolidate it’s position in the UK online bingo market.
Jet’s bingo brands had been a partner on the 888 controlled Dragon Fish Bingo Platform prior to the acquisition just announced this morning. With the deal now allowing 888 full control of marketing of these brands going forward.
Itai Pazner, Chief Executive Officer of 888 commented: “The Group continues to deliver its stated strategy of expanding across global regulated markets. This expansion is underpinned by organic growth initiatives supported by exploring value-enhancing M&A.”
“We are pleased to announce the acquisition of this portfolio of brands which includes the well-established CostaBingo. Having been developed on Dragonfish, the Group’s first-class B2B platform, we are confident that consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888’s core capabilities in product, marketing and customer relationship management to their operations.”
888 Holdings is one of the oldest online gaming companies in existence, with it’s first product Casino on Net being launched in 1997 by brothers Aaron and Avi Shaked. Casino on Net was subsequently rebranded as 888 Casino in 2010, to create a uniform identity between all brands and products the company operates.