UK – Rank confirms bid for online bingo group StrideBy Phil - 31 May 2019
British bingo and casino operator Rank Group has confirmed it is in advanced talks over a potential all cash offer for online gaming group Stride Gaming for £114.5m.
Rank is looking to counter the slowdown in visitation to its bricks and mortar locations by attracting spend from younger players who use mobile apps. Rank operates meccabingo.com and grosvenorcasinos.com.
Stride is the third largest online bingo operator in the UK with an 11 per cent share of the market. It said it had been reviewing its options to increase shareholder value. Stride operates over 150 brands including Regal Wins, Magical Vegas and Spin and Win.
It said regulatory changes in the UK online gaming market had seen its half year revenue fall 13 per cent to £30m. In November last year it was fined £7.1m for falling below UK Gambling Commission (UKGC) standards on money
laundering and protection of vulnerable customers.
Stride Gaming is licensed and regulated in the UK and Alderney by the UK Gambling Commission but also has international reach in the mobile social gaming market with a focus on North America.