Online gaming giant 888 is set to strengthen its online bingo presence by announcing that it plans to buy online bingo rival Wink Bingo for an estimated £60 million. Pacific Poker, who owns 888 said that the deal would pay an initial £11 million to the current Wink Bingo owners, as well as a sum based on yearly earnings till March 2011; the total will be capped at £59.7 million.

888 Holdings chief executive Gigi Levy said that the deal would help the company increase its online bingo department “in the lucrative UK market”.

Wink was launched in 2008 and now runs Wink Bingo, Bingo Fabulous and Posh Bingo and has generated over £15 million of revenues and £1.3 million of pre-tax profits this year alone.

888 Holdings said that the completion of the deal would depend on obtaining the required consents, but hoped to be adding Wink Bingo to its bingo division which already features the hugely popular 888Ladies bingo.

Dec 22 2009