888 Holdings Plc (LON:888), one of the world’s leading online gaming entertainment and solutions providers, announced the signing of an agreement by its wholly-owned subsidiaries for the acquisition of certain assets of Dedsert Limited and Dedsert (Ireland) Limited and its affiliates (together, “BetBright”) for £15 million (the “Transaction”).
Background to the Transaction:
888 is acquiring high-quality and scalable sportsbook technology alongside associated risk management, product and trading capabilities to support the long-term development of the successful 888Sport brand.
The integration of BetBright’s sportsbook into the Group will give 888 complete ownership over its technology and product development across four key online betting verticals (Casino, Sport, Poker and Bingo). The Board 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.
The Group will begin the integration process of BetBright’s technology into 888 as a soon as practically feasible. The Group aims to begin a phased and market-by-market roll out of its proprietary sports book solution once integration is completed.
Itai Pazner, Chief Executive of 888 commented:
“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.
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 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.
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.”