888 announces £15m acquisition of BetBright
888 Group has acquired BetBright’s sports betting platform in a deal said to be worth £15m.
Analysts have commented on the seemingly low purchase price, despite big investment from BetBright in recent years. © Pexels.
That deal will see 888 take over BetBright’s technology and product development. BetBright’s office in Dublin will be integrated into the 888 operation.
The deal is another piece of 888’s puzzle in securing its long-term prospects, the third in a string of acquisitions, as the group looks to improve its standing in the highly competitive gambling market.
Towards that goal, the group have made a number of other recent acquisitions. Last month, the group bought a portfolio of bingo games from JPJ for £18m. Last year, 888 purchased the other half of the All American Poker Network for £22.3m.
Speaking about the deal, chief executive, Itai Pazner, said:
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.– Itai Pazner, 888 chief executive
However, the day after the deal was announced, the BetBright brand was shutdown online, with a message to visitors saying that the brand will cease trading to customers. Customers have been advised to withdraw any funds they have in accounts within 30 days. 888 have not shared when the deal is expected to be completed.
BetBright was one of the few operators who had created its own technology, and this is the prime reason why 888 were so keen to acquire.
Itai Pazner stated that BetBright’s strong tech and operation teams will instead work towards integrating the platform with the 888 platform, with the platform used to host 888Sport. Pazner expects the integration to be rolled out sometime in 2020.
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.– Itai Pazner, 888 chief executive
You can read the press release in full at 888’s corporate website.
