Bingo.com domain name purchased for $8 million
The popular online gambling service Bingo.com issued an announcement recently that the domain name Bingo.com along with the community built around their online gambling services has been purchased by Ubinet Group PLC. The sale, according to Bingo, was completed for a whopping sum of $8 million!.
The company issued a detailed press release that covers the various details regarding this sale. Following are some of the excerpts from this press release issued by Bingo.com:
Bingo.com is the owner of Trophy Bingo, which is a popular non-gambling game for Android smartphones, and allows users to play a social game of bingo. Ubinet Group has purchased the domain name Bingo.com from the company, as well as the gaming community that is active on this domain name. This transaction took place for a sum of $8,000,000 and came into effect from 31st December, 2014. Only the domain name and the community have been sold, and the company still retains the Android game.
The sale will allow Bingo to focus all its efforts on Trophy Bingo, improving it, and offering its users a more enjoyable experience. At the same time, this sale will help Bingo survive the intense competition in the online gambling sector, where the company was only a small player and faced stiff competition from larger entities.
As per the terms of the sales agreement, Bingo will receive a sum of $2,000,000 in cash from Ubinet, while the remainder will be paid through the means of common shares. A total of 15,000,000 common shares of Bingo.com will be offered by Ubinet to the company as part of the deal, with each share currently priced at $0.40 presently.
Jason Williams. CEO Bingo.com discussed the impact this sale will have on the company. He also outlined the path that the company has drawn up for its future as a primarily game company. The company will also be changing its name to Shoal Games Ltd.