Global gambling giant 888 Acquires BetBright’s Sports Betting Platform for the sum of $19.8 million. According to the Monday announcement, the acquisition will help 888 expand into the U.S. sports betting market. Furthermore, they also intend on using the BetBright Sports Betting Software to grow their presence in other international gambling markets.
According to the press release, 888 will have complete ownership and control of the BetBright gambling technologies. Furthermore, 888 will probably discontinue BetBright as a brand. Thus, their offices and staff will undergo an integration period as they adjust to being part of the 888 group. However, no time frame has been set about the integration of BetBright but will be done as soon as possible.
BetBright which is known for its sports betting software, has its main office in Ireland. In addition, their product development and technology include casino, poker and bingo platforms. At the moment, BetBright is mostly known for operating is online sports betting platform in the U.K. and Ireland.
888 Holdings Expanding in the Global Gambling Market
888 Holdings is one of the largest gambling companies in the industry with several gambling brands under them. Furthermore, their main office is in Gibraltar and is on the London Stock Exchange under ticker symbol 888.
Even though they operate mostly in Europe, they have been expanding into the U.S. gambling market. In fact, 888Sport is currently available in the state of Nevada, Delaware and New Jersey. Recently, they made a sponsorship deal with the New York Jets which now advertise their brand at the MetLife Stadium. In addition, last December 888 Holdings also acquired All American Poker Network for $28 millions.
His latest acquisition by 888 is just their latest move to expand their brand across the globe. Itai Pazner, CEO of 888 said now is “the right time to take ownership of our full sports betting proposition”. Furthermore, they are “confident that this acquisition will increase the Group’s long term prospects in the growing global sports betting market.”
With the acquisition of BetBright’s sports betting software, 888 will now be able to stop using Kambi’s gambling platform. Thus, they will eventually be able to stop paying royalties for using their gambling platform.