Global digital media company XLMedia has sold three of the Group's European Gaming domains and related websites, Casino.se, Casino.gr, and Casino.pt, for a total upfront cash payment of $4m.
It is equivalent to 4.7 times the revenue.
For the fiscal year that concluded on 31 December 2022, the assets related to the Sale produced $840,000 in revenue or 6% of the Group's European Casino revenue. It was almost $750,000 in gross profit.
In 2022, European casinos earned a total of $14.3m.
The Group will keep running its gaming division in Sweden and other markets in Europe.
Currently, the Group's European Gaming business performance is somewhat outperforming management expectations.
The earnings from the sale of these properties to Beach Services give the Group more working capital and allow it to make additional investments that will help XLMedia expand its North American sports and gaming presence and strengthen its EU portfolio.
Meanwhile, XLMedia also sold $1.3m of personal finance affiliate sites to MPD Media.
To increase its earnings from gaming and sports betting, XLMedia intends to keep growing its footprint in North America.
Recently, XLMedia extended its partnership with Schneps Media. The two companies recently completed a two-year agreement and have now reached a three-year extension.
In the agreement, XLMedia will manage business relationships with licenced sportsbooks while also providing sports betting content.
On amNY.com, XLMedia will also create a platform for educational iGaming content.
