Friday April 10,2015 : GAMING REALMS SHEDS ONLINE BINGO BRANDS
EDM the buyer in GBP 500,000 deal.
UK social gaming operator Gaming Realms has signed a deal to sell its online bingo brands Bingo Godz and Castle Jackpot to European Domain Management, a British online gambling operator.
The consideration agreed is GBP 500,000, to be paid GBP 200,000 upfront and the balance over 17 months.
Alderney-based European Domain Management will use the newly acquired brands to augment its growing online bingo stable of Pink Casino, BetUK, Crown Bingo and Bingos.co.uk.
Gaming Realms intends to use the money from the sale to further develop and promote its top SpinGenie product.
CEO Patrick Southon said this week: “We are the next stage of our stated strategy to focus our resources on our own technology platform where we see a quicker and more sustainable return on investment than on third party operated sites such as Bingo Godz and Castlejackpot.”
The two brands made a combined loss of GBP 2.1 million in the first fiscal half of 2014.