1st of January 2015 Author: Glo Wood
Unibet has purchased Bingo.com for $8 million with a plan to focus on social bingo. It was reported that Unibet paid $2 million in cash, combined with the redemption of its 15,000,000 in common shares in Bingo.com. Each of those shares being valued at $0.40 per share.
The sale of the domain includes the site's online gambling community and the name will change to "Shoal Games Ltd." were approve unanimously b shareholders.
"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 for those assets."
Williams revealed that in June of 2012, Bingo.com management noticed an opportunity for non-gambling bingo games and began developing a new free social bingo game available to players around the world.
Millions were spent in the launch of Trophy Bingo, now available in the Apple App Store and Google Play store.
"The game is a puppy themed social bingo adventure where players must win their way through 120 levels of bingo challenges. The game includes many innovations for social bingo including new power plays, a map progression system, unique game types, card blockers, bonus bingo rounds, and a bingo combo system. Trophy Bingo is free to download and supports in-app purchases for players who find themselves in need of extra bingos or want to engage with the premium power plays contained in the game."
"It is the Company's intention to make Trophy Bingo one of the most popular and highest grossing social bingo games in the world," Williams said. "The ongoing live tuning and development efforts with Trophy Bingo have provided extremely satisfying results for the game's retention and monetization metrics.
"The Trophy Bingo team is focused on releasing product updates and new features that will enhance the game's performance to the point where a significant marketing budget will be spent with the objective of moving Trophy Bingo into the upper ranks of the monetization charts for both Apple and Google smartphones and tablets."
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