888 Holdings Plc recently announced that it has completed its third acquisition in recent months after taking over online betting platform BetBright for £15 million. This is a strategic move for the gambling powerhouse who is looking to strengthen its offerings in sports betting and online casino games.
Just last month, 888 acquired JPJ Group’s online bingo portfolio Costa Bingo in a deal worth £18 million. In December 2018, the company positioned itself for expansion in the US with the $28 million purchase of the US-focused online poker website All American Poker Network.
888Holdings which is the parent company to a number of top gambling brands including 888poker has suffered in recent times due to the gambling crackdown launched by the UK Gambling Commission. The company’s shares also suffered following the Wire Act reversal issued by the US Department of Justice in February, which impacts the online gambling market in the United States.
The latest acquisition is expected to strengthen 888’s technology capabilities and product portfolio which now includes casino, bingo, poker and sports betting. Furthermore, the deal will provide 888 with a high-quality sportsbook technology that allows for growth and scalability.
BetBright was founded in 2013 and has since been developing and operating its own sports betting and online casino platforms. Since it started its operations, the company has garnered multiple awards from leading online gambling publishing brands such as eGaming Review and the Sports Betting Community.
BetBright’s office in Dublin, Ireland will now go under the full ownership of 888 as part of the acquisition deal. The Irish office will be integrated into 888. Chief Executive Itai Pazner said the integration of BetBright would complete the company’s propriety product and technology portfolio, providing a huge boost to its online sports betting business 888Sport.
888 Strengthens Sports Betting Platform
The addition of a propriety sports betting platform is also seen as an opportunity for 888 to continue to penetrate regulated territories, including the US market, with several states now showing interest in legalizing sports betting within their borders following a Supreme Court ruling in May 2018 which lifted a federal ban on sports betting.
888 currently offers sports betting in the states of Nevada, Delaware, and New Jersey. The company also secured a sponsorship deal with NFL franchise New York Jets, enabled the 888 brand to be exposed at the team’s home stadium the MetLife Stadium.