Online gaming operator 888 Holdings now has its own sports betting technology through a £15m deal with Dublin-based gaming company BetBright.
888 has agreed to acquire certain assets of BetBright parent Dedsert and its affiliates for £15m, strengthening 888’s product and technology capabilities to support the long-term development strategy for 888Sport.
888 said that the acquisition gives it a high-quality and scalable sportsbook platform together with associated risk management, product and trading capabilities, enabling the company to take complete ownership over its technology and product development across Casino, Sport, Poker and Bingo.
888Sport is currently powered by Stockholm-listed technology supplier Kambi.
The board of 888 believes that the transaction will enhance the group's long-term prospects in the global sports betting market by enabling 888 to fully leverage its marketing and analytics capabilities, scale and unique expertise.
“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,” said 888 chief executive Itai Pazner.
“With 888Sport becoming an increasingly established and popular worldwide sports betting destination, we believe it is the right time to take ownership of our full sports betting proposition. We are confident that this acquisition will increase the group's long-term prospects and differentiation in the growing global sports betting market.”
The company will begin integration of the new platform “as soon as practically feasible”, with the aim of beginning a phased and market-by-market roll out of its proprietary sports book solution once integration is completed.
“The BetBright sportsbook has been developed by a fantastic team and is a high quality and scalable platform. Our new colleagues joining from BetBright will significantly strengthen 888's sports betting expertise and industry know-how, and we are delighted to welcome them into the group,” Pazner added.
“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.”
As part of the acquisition, BetBright's Dublin office will be integrated into the group.
Shares in 888 Holdings plc. (LSE:888) were trading up 0.56 per cent at 180.90 pence per share in London early Monday morning.