PR: Bingo.com Sale Reported
In a deal that was announced via press release just before the end of 2014, the 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 press release shared some information about the current state of the business and some of the rationale for the sale:
“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.”
I think Bingo.com is an excellent domain name and brand name. I was not aware of the Bingo.com brand, but like all keyword descriptive domain names like this one, it sounds familiar to me. Back in 2010, there was an unrelated press release about the company’s acquisition of the Bingo.com domain name and ongoing payments.
Because the Bingo.com domain name was sold as an operating business, it will not be listed as an independent domain name sale, although it would have been the largest sale of the year had it been a deal for the domain name only.
You can read more about this sale and information about the companies involved in the deal by reviewing the press release found on CNN Money.
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