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SiGMA

Philippines’ PhilWeb expands e-bingo operations through US $15 million acquisition

Posted:: Mar 09, 2021 11:10 Category: Asia , M&A Action , Online , Posted by
Milos Pavlovic

The electronic gaming service provider has acquired 16 eBingo outlets and two electric bingo machine suppliers from the Palmary Group for a combined cost of P730 million

PhilWeb Corporation, the Philippines electronic gaming outlet service provider, continues to expand its electronic gaming business with its most recent announcement. The company has acquired sixteen electronic bingo companies and two accredited electronic bingo machine supplier companies for a total of P730 million.

Phil Web PhilippinesThe compound transaction cost equals to Php730 million (US$15 million) with a total of Php450 million (US$9.2 million) coming from the eBingo outlets and Php280 million (US$5.8 million) to suppliers.

According to PhilWeb, acquiring the businesses brings the group a “two-fold footprint in the whole electronic gaming sector, with the two suppliers already accredited to supply to 64 eBingo outlets across the country.”

PhilWeb is a Philippine Amusement and Gaming Corp. (PAGCOR)-accredited gaming service provider to a network of 85 eGames outlets, while it also operates 31 PAGCOR licensed eGames outlets. The acquisition of 16 eBingo outlets takes the total number of eBingo outlets under its umbrella to 22.

It has another wholly owned unit Easy eBingo, Inc., which has PAGCOR Gaming Licenses for eBingo outlets.

Back in 2019, the 16 eBingo outlets generated a combined gross gaming revenue of P1.2 billion while the 2 accredited eBingo machine supplier companies registered P364.9 million in gross gaming revenue.

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