SBC News Voice of the Sports Betting Industry
London AIM listed igaming and social gambling operator Gaming Realms has agreed to sell brands Bingo Godz and Castle Jackpot to UK igaming operator European Domain Management (EDM).
EDM has agreed to purchase the loss making brands for a reported £0.5 million, paying £200,000 in cash and the remaining £300,000 over a 17 month period.
Gaming Realms CEO Patrick Southon stated that the money generated from the sale of the brands would be used re-invested in its leader brand SpinGenie.
“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” Southon said.
Assets relating to Bingo Godz and Castle Jackpot brands generated a loss of £2.1 million for Gaming Realms in H1 2014 (period ending 31 September). The operator posted total H1 losses of £3.1 million.
Bingo Godz and Castle Jackpot will be added to Alderney based EDM’s existing UK igaming portfolio which includes brands Pink Casino, BetUK, Crown Bingo and Bingos.co.uk.
