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    888 Holdings Buys Online Bingo Business

    Online gaming group 888 Holdings bought online bingo business Globalcom Ltd for a staggering $43.4 million cash. The announcement was made by the buyer on Thursday.

    The announcement received a positive response, as it is indicative of the sector’s rising from the ashes of last year’s ban on online gaming in the USA.

    A spokesperson for 888 Holdings said they anticipate the deal would enhance earnings with immediate effect. The deal has been worked out that 888 pays $32.4 million, less amounts payable to customers, over the 12 months period following completion of the deal.

    An additional $11 million will be paid based on performance of the unit. This includes well-known sites BingoGringo, TwoFatLadies and BingoFabulous.

    Both online bingo and bingo-hall bingo are being hailed as potential money-spinner for online firms suffering from the U.S clampdown of late 2006.
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    This entry was posted on Thursday, May 3rd, 2007 at 8:06 pmand is filed under Bingo UK, Bingo USA, Online Bingo News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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