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Bingo.com domain name and accompanying online community were sold by a company called Bingo.com, Ltd. to a company called Unibet Group plc. for total consideration of $8,000,000.
Bingo.com, Ltd. is a OTC traded company with a ticker symbol BNGOF.
The press release stated that “[t]he Company is receiving cash consideration of $2,000,000 and redemption of the 15,000,000 common shares of the Company, which are held by Unibet, at a price of $0.40 per share.”
“The online gambling industry as a whole is experiencing conditions of maturity where smaller firms are finding it increasingly difficult to compete,” said Jason Williams, Bingo.com’s CEO. “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 to the Company for those assets.”
Bingo.com, Ltd. is a OTC traded company with a ticker symbol BNGOF.
The press release stated that “[t]he Company is receiving cash consideration of $2,000,000 and redemption of the 15,000,000 common shares of the Company, which are held by Unibet, at a price of $0.40 per share.”
“The online gambling industry as a whole is experiencing conditions of maturity where smaller firms are finding it increasingly difficult to compete,” said Jason Williams, Bingo.com’s CEO. “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 to the Company for those assets.”
