Internet gaming firm Unibet has announced that it has secured a deal that will see it purchase the website Bingo.com for $8 million, and will opt to focus on social bingo with paid add on content.
The deal was announced on January 31st, and will comprise of $2,000,000 in cash and the redemption of 15,000,000 shares of stock. The deal was approved unanimously by Bingo.com's owners, who will now change its name to Shoal Games, Ltd.
Commenting on the deal Bingo.com CEO Jason Williams said, "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 www.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 for those assets."