Published on 8 January 2015 by Rhi
There are so many big players in the casino industry nowadays and starting a casino is becoming much more complex and expensive, with so many countries in Europe starting to strictly regulate, all of which makes it nearly impossible for new casinos to start up. New casinos, unless they already have huge financial backing, can find it incredibly hard to keep up with the giants, whilst ensuring they meet enough regulations and have enough cash to get licenses in multiple countries, to reach a wide enough audience.
These trials and tribulations mean a lot of new or smaller casinos end up falling by the wayside and never being heard of again, but sometimes, they manage a partnership with an already strong brand, allowing them to strengthen and grow. Such luck has fallen upon Bingo.com Ltd who have announced a deal with Netent casino, Unibet.
Bingo.com have an amazing brand and a very desirable URL and, having already established a partnership with Unibet, were perfectly placed to be bought by the industry leaders. It’s been confirmed that the sale took place for a payment of €1.7 million, which was made up of a €6.8 million acquisition, minus the sale of €5.1 million in Unibet’s existing company shares.
“The online gambling industry as a whole is experiencing conditions of maturity where smaller firms are finding it increasingly difficult to compete.
Bingo.com’s European gambling business, built with the Bingo.com brand and URL, has therefore found it difficult to compete effectively with larger 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.”
– Jason Williams, Bingo.com CEO