6.7 C
Thursday, December 7, 2023
HomeDaily NewsBusiness888 concludes €28.3 million deal, selling its Latvian operations

888 concludes €28.3 million deal, selling its Latvian operations


Related stories

Australia Enacts Landmark Online Gambling Credit Card Ban: A Game-Changer in Responsible Gaming

Australia's Groundbreaking Move: Senate Passes Comprehensive Online Gambling Credit...

Brazilian Senate Delays Sports Betting Vote Amidst Online Casino Debate

In a significant development in Brazil's gambling sector, the...

Georgia Introduces Major Gambling Tax Increases and Strict Compliance Measures

Georgia is set to implement significant changes in its...

UK Gambling Commission Raises Alert on Money Laundering and Terrorist Financing Risks

The UK Gambling Commission has issued a critical update,...

Denmark’s Spillemyndigheden Launches Educational Website on Responsible Gambling

In a significant move to combat problem gambling, Denmark's...

Paf has announced that the acquisition is anticipated to be finalized in the upcoming weeks, granting Paf complete ownership of William Hill and Mr Green operations in Latvia under the domains WilliamHill.lv and MrGreen.lv. Reports indicate that the two businesses collectively hold a 10% market share in the country, generating a net revenue of €10.47 million (£9.1 million) and an EBITDA of €2.8 million (£2.5 million) in 2022.

As a component of the agreement, 888 will provide Paf with a brand license for a specified duration, enabling the continued operation of both the William Hill and Mr Green brands in the market.

- Advertisement -

Lord Mendelsohn, Executive Chair of 888, commented:

“Our ongoing assessment of our asset portfolio ensures that we retain assets that align with our long-term strategy and deliver maximum value for our shareholders. The Baltic region, due to our limited exposure, is not a core or growth market where we focus our investments.”

Janis Tregers, co-founder and head of the Latvia board, stated:

“Since our launch as 11.lv in 2012, we have established a leading position in Latvia. In 2018, we sold 75% of the business to Mr Green at an enterprise value of €3.7 million. This transaction, valuing the entire business at up to €28 million, is a testament to the hard work of our team and the significant value we have created across the company.”

Christer Fahlstedt, CEO of Paf, expressed:

“We are delighted to have the opportunity to continue building on this remarkable success story in Latvia. With a long-term perspective, we firmly believe that the Latvian market is heading towards enhanced player protection, making it an excellent strategic fit for Paf.”

Following the acquisition, Paf will become the third-largest gaming company in the Latvian market.

Jerome McNamara
Jerome McNamara
Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here