Gaming Realms, owner of the Bingo Godz and Castle Jackpot brands, has announced that it will sell its assets to European Domain Management (EDM), a company involved in several European online bingo brands.
The deal will see EDM pay a total consideration of £500,000 in cash to Gaming Realms with £200,000 to be paid up front and £300,000 to be paid in installments over the course of 17 months.
Gaming Realms will invest the proceeds of the sale into SpinGenie, a brand using its proprietary platform.
IP&S Limited operates Bingo Godz and Castle Jackpot in addition to several other brands such as BetUK, Pink Casino and Crown Bingo.
“With the successful launch of our own platform and the great growth we are seeing on SpinGenie, this is 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,” said Gaming Realms chief executive Patrick Southon.By Glo Wood