888 has acquired a portfolio of Jet Management Group's online bingo brands via the purchase of the Mandalay operating business, including Costa Bingo, for £18m.
Jet is part of the group of companies headed by JPJ Group, which owns the Jackpotjoy brands. The acquired bingo brands previously operated as B2B brands on 888's Dragonfish platform. In future, 888 will operate these on a B2C basis.
Mandalay consists of the real money operating results of various online bingo brands, including Costa Bingo. Mandalay generated approximately £11m of revenue and approximately £3.7m of profit before tax attributable to the assets in the 12 months to December 31 2018.
Jet has been a partner of Dragonfish, the group's B2B bingo division, since 2009, with brands including Costa Bingo, City Bingo and Sing Bingo. The acquisition will give the group full control of these brands from a marketing perspective.
Itai Pazner, CEO of 888, said: "The group continues to deliver its stated strategy of expanding across global regulated markets. This expansion is underpinned by organic growth initiatives supported by exploring value-enhancing M&A."
"We are pleased to announce the acquisition of this portfolio of brands which includes the well-established Costa Bingo. Having been developed on Dragonfish, the group's first-class B2B platform, we are confident that consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888's core capabilities in product, marketing and customer relationship management to their operations."
