Rank Group has acquired QSB Gaming, owner of Spanish online business operation YoBingo.es, for an initial €21m in cash, rising to as much as €52m subject to future performance.
In 2017, QSB and its subsidiaries generated revenue of €10.4m and EBIT of €2.5m. The move secures for Rank a strong digital bingo and casino presence in Spain, with YoBingo.es enjoying more than 30 per cent of the Spanish online bingo market and five per cent of the slots market.
The acquisition provides Rank with a proprietary platform including online bingo, roulette and video bingo content for the Spanish market and accelerates the multi-channel strategy of Rank’s established Spanish brand, Enracha.
John O’Reilly, chief executive officer of Rank, said: “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.”