Social Games Studio Mytopia Sold To Online Gambling Firm For $18 Million

Bingo Island

The social games deal-making rush is now extending to online gambling; 888 Holdings is buying up social gaming studio Mytopia for $18 million. Mytopia has developed several top Facebook games including Bingo Island 2 and Pacific Poker; it also develops games for various mobile platforms, including Andorid and the iPhone.

888 Holdings, which is behind several big online casino brands, says in a statement that the acquisition will form the “cornerstone” of its social gaming and mobile strategy. The price could reach $48 million if Mytopia meets certain milestones by 2011. Mytopia was backed by SK Telecom (NYSE: SKM) Ventures and Benhamou Global Ventures.

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