Strategic Africa expansion
Global iGaming firm 888 Holdings has formed a joint venture to launch its sports betting and iGaming offerings across key regulated African online betting and gaming markets.
888AFRICA will launch in four markets on the continent in 2022
In a statement Tuesday, the Gibraltar-based firm said its newly formed 888AFRICA venture will launch in four markets on the continent in 2022, subject to licensing.
The iGaming brand inked an agreement with five industry veterans to form 888AFRICA. Although 888 has invested a minority stake in the Africa-facing venture, the deal comes with a clause that it can ultimately increase its share to own 100% of the business down the line.
The terms of the deal require 888AFRICA to pony up a brand license fee to use and operate 888’s online betting and gaming brands on the continent. The new African family of brands will feature products and content based on local market preferences, powered by a third-party technology platform.
Mostly all-Stars executives
In an official announcement Tuesday, 888 Holdings CEO Itai Pazner said his firm was “very excited to establish 888AFRICA alongside such an impressive roster of industry talent.”
Christopher Coyne will lead 888Africa as CEO
Former chief marketing officer of The Stars Group Christopher Coyne will lead 888Africa as CEO. Under Coyne comes Andrew Lee, the current chairman of Voxbet; ex-Editec Online chief product officer Alex Rutherford; former sportsbook trading director of The Stars Group Ian Marmion; and Helen Scott-Allen, ex-CFO of Premier Bet.
Pazner said the joint venture will launch 888’s iGaming portfolio to “millions of new customers.” The chief executive added that the structure of the agreement meant his group could invest in a robust business with high growth objectives, without taking its eye off core business and important strategic markets.
Up for the challenge
Africa is a soccer-mad continent as the recent Africa Cup of Nations tournament in Cameroon revealed, even though a recent VegasSlotsOnline News article noted multiple failings during the competition. Africa is also a very diverse market, with over 2,000 languages spoken.
Despite the stark differences in each African market, the venture’s new CEO Coyne is confident his team and “significant knowledge of the African markets” will realize 888AFRICA’s ambition to expand into “leading positions” across the region.