888 to pay $48 million for Wink Bingo

Wink Bingo owner’s  Daub Limited, are set to collect a massive £48 million for the sale of Wink Bingo to online gaming giants 888 Holdings.

888 Holdings have had to spread its payments for Wink Bingo as they are currently unable to settle the full earn-out payment of up to £48.7m due in May.

888 Holdings will be making an immediate instalment of £9.26 million followed by a second payment of the same amount on May 21st, a third instalment of £6.17 million on March 31st, with the remaining balance being around the £23 million mark to be paid before May 2025.

888 Holdings will have to pay interest on all payments made after the original earn-out date of 21 May, which could result in 888 Holdings paying a lot more that the total price

Chief executive of 888 Holdings,  Gigi Levy said "We had the chance to buy on a success-based deal on a multiple of six, which is very earnings enhancing, making it a no-brainer. The vendors are very capable marketers and did not want to limit themselves to a low number, as they think they can generate phenomenal growth next year, for which they have budgeted for up to £8m in profit. They actually wanted a cap that is slightly higher. We don’t expect to pay the full consideration.”