PhilWeb Corporation is expanding its electronic bingo (eBingo) business with the P730 million acquisition of electronic eBingo companies and machine suppliers from its shareholder the Palmary Group.

In a disclosure to the Philippine Stock Exchange, PhilWeb said it acquired 16 eBingo outlets and two eBingo machine suppliers from the Palmary Group.

PhilWeb executed deeds of sale for the acquisition of 100 percent of the total issued capital stocks of 16 eBingo companies for P450 million and two accredited e-bingo machine supplier companies for P280 million. 

“With PhilWeb’s growing electronic games business, it now has an expanding, two-fold footprint in the whole electronic gaming sector,” the firm said.

PhilWeb is a Philippine Amusement and Gaming Corporation (PAGCOR)-accredited gaming service provider to a network of 85 eGames outlets.

The acquisition of the two accredited eBingo machine supplier companies allows PhilWeb to expand its portfolio of gaming services into eBingo outlets. At present, the 2 companies are accredited suppliers to 64 eBingo outlets across the country. 

PhilWeb Corporation has a wholly owned subsidiary, BigGame Inc which directly operates 31 PAGCOR licensed eGames outlets.

It has another wholly owned subsidiary, Easy eBingo, Inc., which has PAGCOR Gaming Licenses for eBingo outlets.

Following this acquisition, PhilWeb now operates 22 eBingo outlets.

     The 16 eBingo outlets acquired by PhilWeb generated a combined approximate Gross Gaming Revenue of P1.2 billion in 2019 while the two accredited eBingo machine supplier companies generated a combined estimated Gross Gaming Revenue of P364.9 million in 2019.(James A. Loyola)


Source: Manila Bulletin (https://mb.com.ph/2021/03/15/philweb-invests-p730m-to-expand-ebingo/?utm_source=rss&utm_medium=rss&utm_campaign=philweb-invests-p730m-to-expand-ebingo)