Coastal Point Investment Group has supplied financial backing to Broadway Gaming Group’s branch, Saphalata Holdings, to purchase 888 Holdings’ lottery division. This transaction, finalized in July 2022, saw 888 divest both its customer-facing and business-to-business lottery operations for a sum of $45.2 million. The bulk of the amount, $43.2 million, was paid initially, with the outstanding $2 million payable a year later.
This acquisition represents a major step for Broadway Gaming, strengthening their position in the UK’s fiercely contested online lottery sector. 888’s lottery platform, which yielded $25 million in the first six months of 2022 and roughly $54 million in the preceding year, provides a sizable user base and proven technology.
Coastal Point Investment Group, recognized for its proficiency in the internet gaming and wagering field, crafted a tailored financing arrangement for Broadway Gaming, underscoring the increasing tendency of private investment groups backing tactical acquisitions within this evolving market.
The business experienced a significant recovery following the relaxation of COVID limitations. A robust showing in numerous regions was fueled by the reactivation of physical storefronts.
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