30-second summary
- 888 Holdings acquires BetBright for £15m ($19.83m)
- Third acquisition for 888 since December
- The aim is to boost 888’s betting business
Online gambling firm 888 Holdings has added a sports betting platform to its portfolio for the sum of £15m ($19.83m) as it looks to boost growth across the company.
Development strategy
888 has taken ownership of BetBright, an Irish-based online sports betting business. According to its press release, the acquisition of BetBright means it has complete control over its technology and product development across four main betting areas: casino, sport, poker, and bingo.
The operator believes that this will boost its capabilities, in addition to supporting its long-term development strategy. Itai Pazner, CEO of 888, said that this was an “exciting milestone for 888.”
He said: “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.”
Steadily building an empire
BetBright is the third acquisition for 888 since December. That month, the online gambling operator took full control of the All American Poker Network, buying out the remaining 53% for $28m (£21m).
In February, the company struck an £18m ($24m) deal for the purchase of a number of online bingo brands from JPJ Group. It is thought this will help to increase 888’s position in the UK online bingo market.
The purchase of BetBright suggests that 888 is working at becoming an established gambling business platform. Pazner commented: “We are confident that this acquisition will increase the Group’s long-term prospects and differentiation in the growing global sports betting market.”
He added that this demonstrated the platform’s commitment to becoming a “global leader in the online gaming market by driving organic growth across regulated markets, supported by value-accretive M&A.”
Busy year
2018 was a productive year for 888 as it continued to build on its business in different regions.
Last April, it was reported that the gambling company had applied for a gaming license in Malta over fears regarding the status of Gibraltar after the UK leaves the EU. Brexit is a concern for 888 as it is a major gaming group in the British Overseas Territory.
In December, the firm posted strong results for the year as it looks to expand the business to the US. This followed news in June that 888 and Evolution Gaming had extended their partnership agreement to work together to launch live deal gaming in New Jersey. Pazner said at the time: “888 is committed to growing in regulated markets and has expanded in the US over the last five years.”
According to 888 Holdings, the addition of Evolution Gaming casino to 888casino, which is one of several licensed operators in the state, this is an ideal growth opportunity. It’s hoped that it will enable 888 to offer more products to its customers across the 888 sites.
It remains to be seen what kind of year 2019 will be for 888 as it continues to unroll new features for the benefit of its customers in various jurisdictions.