The BetBright Nursery Handicap Stakes at Sandown Park racecourse on Sept. 2, 2017. BetBright is now part of 888. (Photo by Alan Crowhurst/Getty Images) *** Local Caption *** Silvestre De Sousa;Crownthorpe
Global gambling organization 888 acquired online sports betting platform BetBright for £15 million ($19.8 million). The acquisition of BetBright’s online sportsbook will help grow 888’s presence across the U.S. sports betting market and other international markets.
The deal will give 888 full ownership of BetBright’s technology and product development across four key gaming verticals—sports, casino, poker, and bingo. Gibraltar-based 888 is listed on the London Stock Exchange and owns several online gambling brands that operate predominantly across Europe. The company’s sports betting platform, 888Sport, is currently available in Nevada, Delaware, and New Jersey.
“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,” said Itai Pazner, CEO of 888, in a statement. “We are confident that this acquisition will increase the Group’s long-term prospects and differentiation in the growing global sports betting market.”
BetBright currently operates its online sports betting platform in the U.K. and Ireland. Rich Ricci invested around $9 million in BetBright in 2016 according to the Irish Times. Ricci is the former director of corporate investments for Barclays Bank and a prominent European horse racing owner.
“The Group will begin the integration process of BetBright’s technology into 888 as a soon as practically feasible,” 888’s press release reads. “The Group aims to begin a phased and market-by-market roll out of its proprietary sports book solution once integration is completed.”
SportTechie Takeaway
This past October, 888 signed a sponsorship deal with the New York Jets to have the company’s brand advertised at MetLife Stadium in New Jersey. By absorbing BetBright’s online and mobile sportsbook, 888 has acquired resources to expand into more U.S. states as sports betting legislation continues to evolve.
