888 buys a proprietary sports betting platform to support its growth across the US, other regulated jurisdictions
Online gambling group 888 Holdings Plc today announced that acquisition of online sports betting platform BetBright for £15 million in a move that the company believes would help it strengthen its product and technology capabilities and support its long-term development strategy for its betting business.
This is the third acquisition deal announced by 888 in recent months. In February, the company purchased a portfolio of online bingo operations owned by JPJ Group for the total amount of £18 million. Late last year, the gambling group took full control over All American Poker Network, buying out the remaining 53% in the entity from its joint venture partners.
Based in Dublin, BetBright develops and operates its own proprietary online sports betting and casino platforms. The company’s office in the capital of Ireland will be integrated into 888, the latter announced in a press release from earlier today.
888 further pointed out that the integration of BetBright would give the group complete ownership over its technology and product development across four key online gambling verticals – sports, casino, poker, and bingo. 888 also believes that its latest purchase is providing it with a “high-quality and scalable sportsbook technology” that would support its long-term strategy for the growth of its online sports betting business 888Sport.
Expansion Ambitions
Commenting on the latest addition to their growing portfolio, 888 Chief Executive Itai Pazner said that the acquisition of BetBright was the missing piece in 888’s proprietary product and technology portfolio and would enable the company to own proprietary solutions in the four main verticals it is focused on.
The purchase of the sports betting platform provider and operator also comes as 888 is looking to cement its 888Sport brand across multiple regulated jurisdictions. The online gambling giant has become particularly interested in expanding its presence across the United States where the Supreme Court struck down a long-standing federal ban on sports gambling.
888’s sports betting product is currently available in Nevada, Delware, and New Jersey. Last September, the online gambling group inked a sponsorship deal with NFL franchise New York Jets. Thanks to that partnership, 888 secured brand exposure at MetLife Stadium in New Jersey where the team plays its home games.
Adding a proprietary sports betting platform would certainly come as a big boost to 888’s bid to further expand across the US as more and more states are considering the legalization of sports betting within their borders. Mr. Pazner said today that 888 remains committed to its strategy to be a “global leader in the online gambling market by driving organic growth across regulated markets, supported by value-accretive M&A.”
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