Intertain Buys Mandalay Media ‘Bingo Business’ 0
Posted on 5, June 2014
in Category Bingo News
Mandalay Media is the name of the company that owns many of the big online bingo brands, brands like Costa, Sing and the most recently launched, Rio Bingo. News broke yesterday that the company has been sold for a reported £45 million to Intertain, the company who owns Intercasino. Additionally, provided the sites reach future profit performance, there is another £15 million cash contingent available.
As well as owning the bingo sites shown above and a few others, Mandalay Media is also responsible for Casino Choice and Ignite, the affiliate program through which the bingo sites are promoted. The group was founded in 2009 by Richard Skelhorn and now has an impressive 1.1 million registered users and has seen deposits of approximately £120 million in the five years that is has been trading.
It is reported that 98% of the business generated by Mandalay Media is from the UK and for the fiscal year ending August 2013 the company generated revenue of around £16 million with net earnings of £7.9 million.
This acquisition, although not quite on par of the Cashcade sale to Party Gaming, is certainly substantial. We just hope that we don’t see a detriment to the offering from these brands when the sale has completed. When Wink sold to 888 the promotional schedules were impacted quite substantially, are we going to see the same happen with Mandalay and Intertain? We hope not!