U.S. Expansion: 888 Purchases BetBright’s Sports Betting Platform
888, the global gambling organization, has purchased BetBright, an online sports gambling platform, for the equivalent of $19.8 million (£15 million). This acquisition will assist 888 in growing its U.S. presence in the sports betting market as well as in other markets around the world.
About 888 and BetBright
The acquisition gives 888 full ownership of BetBright’s product development and technology in the poker, sports, casino, and bingo gaming verticals. 888 is based in Gibraltar and is listed on the London Stock Exchange. It owns multiple online gaming brands that are operated mostly in Europe, but the sports betting platform, named 888Sport, is already available in New Jersey, Nevada, and Delaware.
As part of the deal, the Dublin office of BetBright will be absorbed into the 888 group. BetBright’s online sports gambling platform is operated in Ireland and the UK. In 2016, Rich Ricci invested approximately $9 million in the company. Ricci is a famous European horse racing owner and is the former director of corporate investments for Barclays Bank.
Itai Pazner, the CEO of 888, said in a statement:
“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.”
Pazner went on to say:
“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.”
Furthermore, 888 Holdings announced that they plan to integrate BetBright’s technology as soon as it’s feasible. Once this integration has been completed, they will roll out a sports book platform to targeted markets in an effort to expand their sports betting services.
This is the third such deal that 888 Group has made in the last several months as they aggressively expand into new markets especially in the United States.
Since the Deal
BetBright has closed its public gambling operations since being purchased by 888 Holdings. A message posted on its website:
“As of Tuesday 5th March 2019, Dedsert (Ireland) Limited, trading as BetBright has ceased offering gambling services to its customers on a permanent basis. Customers will be able to access their accounts for a period of 30 days, in which we advise customers to withdraw the full balance from their account.”
If you are a member of BetBright, make sure to withdraw all of your funds before within the next 30 days are you run the risk of losing your money.
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