The sports betting platform of BetBright has now been acquired by 888 Holdings for a sum of £15 million. The acquisition will help to strengthen the product and technology capabilities of 888, supporting the 888Sport long-term strategy for development. As part of the acquisition, the Dublin office of BetBright will be integrated into 888.
With the transaction, 888 Holdings will be acquiring sportsbook technology from BetBright that is considered high quality and scalable. Additionally, the deal will see 888 have access to associated risk management, trading and product capabilities that will be used for their sport brand.
As the two entities are integrated, 888 will completely own the technology and product development within four online betting verticals. This includes bingo, casino, poker and sport.
The 888 Holdings Board feels that the transaction ill help to enhance the long-term prospects within the global market of sports betting, enabling the company to fully leverage their capabilities via marketing and analytics.
In a press release…
888 Chief Executive, Itai Pazner, commented on the acquisition by stating: “This acquisition of a high-quality and scalable sportsbook is an exciting milestone for 888. It gives the Group the missing piece in our proprietary product and technology portfolio and will enable 888 to own proprietary, end-to-end solutions across the four major online gaming verticals.
With 888Sport becoming an increasingly established and popular worldwide sports betting destination, we believe it is the right time to take ownership of our full sports betting proposition. We are confident that this acquisition will increase the Group’s long-term prospects and differentiation in the growing global sports betting market.
The BetBright sportsbook has been developed by a fantastic team and is a high quality and scalable platform. Our new colleagues joining from BetBright will significantly strengthen 888’s sports betting expertise and industry know-how, and we are delighted to welcome them into the Group.
This is the third acquisition that the Group has made in recent months and demonstrates the Group’s commitment to its strategy: to be a global leader in the online gaming market by driving organic growth across regulated markets, supported by value-accretive M&A.”
888 Holdings continues to see growth through several acquisitions, on top of the recent announcement of the BetBright transaction. In December of last year, 888 Holdings announced an agreement where they would spend $28 million to acquire the remaining stake of the All American Poker Network. The remaining stake was 53%.
The all-cash transaction for the poker network was completed by their 888 US Incorporated subsidiary and should be complete by the end of this month.