12th Jul 2023 09:03
(Alliance News) - XLMedia PLC on Wednesday said that it has sold three of its European gaming domains and associated websites, Casino.se, Casino.gr, and Casino.pt.
The London-based digital media company sold the domains for USD4.0 million in cash, which it said represented a 4.7 times multiple on revenue.
In 2022, the assets generated revenue of USD840,000, representing 6% of XLMedia's European Casino revenue, with a gross profit of USD750,000.
XLMedia said it will continue to operate its gaming business in Sweden and other European markets. The company said that, at present, European Gaming is tracking "marginally ahead" of expectations.
XLMedia said proceeds from the sale will be used for additional working capital, and to fund further investment to expand its North American Sports and Gaming footprint and to advance its EU portfolio.
XLMedia shares were trading 12% higher at 10.90 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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