Rank Group enriches portfolio with YoBingo.es acquisition

Rank Group enriches portfolio with YoBingo.es acquisition

Wednesday, May 23, 2018 Posted by Joseph Streeter
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The deal sees the firm strengthen its Spanish presence

Rank Group has further grown its portfolio and reaffirmed its goal of bolstering its presence in the Spanish market, with the acquisition of bingo site YoBingo.es.

The deal is worth an ‘initial consideration’ of €21 million cash, and it allows Rank to fulfill its goal of strengthening its presence in the Spanish online gambling market.

It comes after YoBingo enjoyed a positive 2017, generating revenue of €10.4m and EBITDA of €2.5m, giving it 1.9% overall Spanish online market share and 4.2% share of online gaming. Additionally, YoBingo boasts an exceptionally strong presence in the bingo sector, with a bingo market share in excesses of 30% in the country.

Just last month, Rank also appointed 25-year industry leadership veteran, John O’Reilly, as the group’s chief executive officer; he joined the company from William Hill, where he served as Non-Executive Director.

O’Reilly commented on Rank’s latest deal: “The acquisition of the YoBingo Group expands Rank’s digital footprint in Spain.  Spain is an exciting high-growth regulated market which we believe offers strong multi-channel potential. The YoBingo Group is a well-established operation that we intend to further develop and to cross-sell into our established Spanish retail operations.”

Totally Gaming says: It’s difficult not to view this as a shrewd acquisition for Rank, as the growth potential of not only YoBingo but also the Spanish market, presents a strong opportunity for the group. In order to maximise this acquisition, Rank will likely look to expanding YoBingo’s slots offering, with online slots only being introduced to the Spanish market in 2015, it provides a strong opportunity for customer acquisition in the region.

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