888 acquires BetBright betting platform for £15m
London-listed firm buys “missing piece” of portfolio in quest to own technology and product development across all verticals
888 has acquired BetBright’s sports betting platform as part of a £15m deal that will enable the London-listed operator to own its technology and product roadmap across all four core verticals.
The deal, advised on by Oakvale Capital, will see 888 acquire the Irish operator’s sportsbook technology and associated risk management, product and trading capabilities, while BetBright’s Dublin office will also be integrated into the business.
888 CEO Itai Pazner described the acquisition of BetBright’s technology as an “exciting milestone” for the operator having previously hinted it was looking to take control of its sportsbook technology.
“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,” Pazner said.
He added: “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.”
Regulus Partners said the deal was an elegant route to owning a betting platform at a relatively low cost.
888’s sportsbook is currently powered by Stockholm-listed supplier Kambi, which Pazner recently described as a “great partner” for the business. The contract between the two expires in 2021, although Kambi shares were down 15% this morning.
The operator said it would kick off the integration process of BetBright’s techology into 888 “as soon as practically feasible”, with a market-by-market roll out of its proprietary sportsbook to take place once the integration is complete.
“The BetBright sportsbook has been developed by a fantastic team and is a high quality and scalable platform,” Pazner added.
“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.”
Julian Buhagiar, co-founder of RB Capital described the deal as a “good, measured acquisition that could lead to strong commercial opportunities, and could be the first of several tech plays that 888 makes”.
BetBright was founded in 2012 and has won a number of industry awards, including Innovation in Sports Betting at last year’s EGR Marketing & Innovation Awards.