In other news, there’s been a few major stories to do with bingo company takeovers and sales. First up, and a major pointer towards the consolidation taking place in the online bingo market is the yet to be finalised sale of the standalone Cassava powered site Wink Bingo, which was snapped up by the 888 Bingo network for a staggering £60million. The sale has to go through some finalisation and target setting, but is pretty much there otherwise.
Wink Bingo is owned by Daub, and alongside their hit online bingo property Wink, they also run the sites Posh Bingo, Bingo Fabulous and El Cartonazo as well as having their own impressive affiliate programme run via The Joy Of Bingo. Despite operating the massive Cassava / Globalcom network, alongside its own 888Ladies, 888 have not really succeeded to the level that the relatively new Wink Bingo has. Hopefully, with this purchase, 888 will benefit from the expertise at Wink Bingo and apply it to improve their own sites. Either way, congratulations to the people at Daub for their work and the sale of their business.
Elsewhere, in the retail world, there’s talk of a potential take over of the land based, cash strapped giant Gala Bingo. According to Reuters, the American private equity company Apollo are attempting to get in on Gala Bingo with an offer of £250million for a 50% share of the company. It’s the latest offers aimed at Gala Coral, who are struggling to restructure their business to better manage their whopping £2.6billion debt. Other offers on the table include one from the junior lenders to the group, and another from the Blackstone group.
A decision is expected in the New Year now, but it will be interesting to see what happens to Gala, following the last year of financial concerns and investment write-offs. The company is still the UK’s leading retail bingo chain in terms of venues, so lets hope the company is able to keep as many of them open as possible, as the loss to the UK’s bingo players would be massive.