$/€ 888 Holdings Bids Farewell to Latvia, PAF Acquires Its Business for €28.3M
British gambling company 888 Holdings has agreed to sell its Latvian business to Finland’s Paf for €28.3 million, Gambling Industry News reports.
The deal is worth $32 million and is expected to close in the next few weeks. It will give Paf full control over William Hill and Mr Green, two popular brands that have a 10% share of Latvia’s gambling market. In 2022, they made €10.47 million in revenue last year.
As part of the deal, 888 Holdings will also let Paf use the brands for a while in Latvia, so William Hill and Mr Green can keep their names for now.
The deal will make Paf the third-biggest online gambling operator in Latvia.
The Finnish company has been in Latvia since 2018 and plans to invest more there. It wants to open a new office in Riga with more than 20 staff.
888 Holdings’ Executive Chair Lord Mendelsohn said, “As a business, our relatively limited exposure in the Baltic region means that the region is not one of our core or growth markets where we prioritize our investments”.
As you may remember, 888 Holdings’ revenue dropped 5% in Q1 of 2023.
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