Without doubt, nobody expected the price tag to be light - Wink Bingo’s pre-tax profits in 2009 were £1.3 million. The website generating a revenue of around £15 million from January 1st to November 30th. Taking on such a profitable concern has to be good news for 888 - with the UK FTSE index closed at it’s highest for a year only days ago, they seems guaranteed to watch their shares grow…..probably….. substantially.
888 Holdings will be handing over £11Million immediately, not the entire £60Million. The balance is to be paid based on the earnings for the year, up until March 2011; with a £59.7 million cap on payments. Wink Bingo currently uses the Dragonfish platform, as do Posh and Bingo Fabulous, both of which are also included within the Wink Bingo network.
Wink Bingo was only launched in 2008, yet this popular bingo website already has around SIXTY THOUSAND PLAYERS! And counting… It seems a hard task to improve on that! So what does 888Holdings have in store for Wink bingo… What’s the plan???? If anything! According to the CEO of 888 Holdings, Gigi Levy, the company are “delighted to announce the Wink Bingo acquisition …….. as an expansion of our B2C online Bingo footprint in the lucrative UK market.” As Levy also points out, “The Wink team has a proven track record of excellence in marketing, CRM and execution”. Adding that they “will be a great addition to our growing Bingo business. In addition the transaction is financially attractive and will be earnings enhancing." In short? More customers… more revenue… more profit.. Sounds like a winner!
This was an article by LJ for Bingo faces on Wink Bingo
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