888 Acquires BetBright’s Sports Betting Platform for £15 Million
888 Holdings boosts its 888Sports division with BetBright’s sports betting platform. 888 has acquired BetBrights’ platform for £15 million. This product will be integrated into 888’s proprietary gaming backend, giving 888 complete ownership over its product development and technology across its four verticals casino, bingo, poker and sport.
BetBright is a well-reputed Dublin-based online bookmaker which is regulated by the UK Gambling Commission and partly owned by a Virgin Islands company.
888 Holdings has paid £15 million to BetBright for its scalable, high-quality sportsbook tech alongside the product, risk management and trading capabilities which will support the long-term development of 888Sport. The signing of the agreement was announced by 888. 888 is officially acquiring Dedsert Ireland Limited and Dedsert Limited and its affiliates which together form BetBright, for a sum of £15 million.
BetBright’s office, which is in Dublin, will be completely integrated into 888 Group offices as part of the acquisition and will lead to a market-by-market, phased rollout of 888’s newly boosted sportsbook.
Currently, Kindred Group provides the scale, so it remains to be seen whether BetBright would be able to effectively deliver operational control to 888, a brand which is five times bigger than its own.
The Chief Executive of 888 Itai Pazner stated that the scalable, high-quality sportsbook acquisition is an exciting milestone for the company, and it will give the Group the final missing piece in their proprietary product and tech portfolio. It will enable the Group to own end-to-end, proprietary solutions across its four key gaming verticals.
As 888 said, BetBright’s sportsbook has been developed by an incredible team and is a scalable, high-quality platform. Therefore, as Pazner said, the new BetBright colleagues will enhance 888’s sports betting expertise and strengthen the industry know-how. He said that everyone at 888 is delighted to welcome them into the team.
Plans for the Future
888 plans on making 888Sport, already well-established and mega-popular worldwide sports betting brand, even more successful. As Pazner commented, this was the right time to take ownership of their full sports betting proposition. With this acquisition, they are confident that the Group’s long-term prospects will increase and will make the brand stand out from the crowd in this growing global sports betting market.
Adding that this is the third acquisition in recent months, Pazner said the acquisition demonstrates 888’s commitment to its strategy of becoming a global leader in the online sports betting market by driving organic growth across major regulated markets supported by M&A value-accretive.