888AFRICA snaps up BetLion to strengthen hand across core markets
JV with 888 pounces for Nairobi-headquartered operator to bring tech and talent in-house in first M&A move for the firm
888AFRICA, the joint venture between 888 and a group of experienced industry professionals, has acquired East African bookmaker and igaming operator BetLion for an undisclosed sum.
888AFRICA said it expects the acquisition to drive further scale in the business and introduce a “significant” number of new customers to its ecosystem.
BetLion, which has operated in Kenya and Zambia since 2019 and also holds a licence in the Democratic Republic of Congo, boasts more than three million registered customers.
The firm specialises in “low data and customer-first mobile-based” igaming and sports betting and has a what is described as a “highly localised front-end”.
It was established in 2017 by industry veteran and BetVictor chair Victor Chandler after he sold his stake in BetVictor to co-owner Michael Tabor in 2014.
BetLion is headquartered in the Kenyan capital of Nairobi, which will become a second hub for 888AFRICA alongside its existing space in Dar es Salaam, Tanzania.
The acquisition of BetLion comes 11 months after 888AFRICA went live across Kenya, Tanzania, Mozambique and Zambia via its 888bet brand, countries Regulus Partners estimated to have a TAM of £1bn.
Established in March 2022, 888AFRICA is headed up by former The Stars Group (TSG) chief Christopher Coyne as CEO.
Coyne built out an experienced senior leadership team at the firm, including Voxbet chair Andrew Lee, former TSG heads Ian Marmion and Steven McIntosh and ex-William Hill exec Alex Rutherford. Former Premier Bet CFO Helen Scott-Allen rounds out the senior team at the firm.
888 currently holds a minority stake – under 20% according to the London-listed company’s latest annual report and accounts – in 888AFICA, with the option to increase this position to 100% in the future.
Coyne said: “This acquisition is a critical step as we aim to create truly unique betting and gaming experiences to players across Africa.
“The talent and technology at BetLion is perfectly suited to our growth model and ambitions, and will help to further strengthen our offering as we look to build market-leading positions across Africa. We also look forward to working with our new colleagues and introducing new customers to our local brands.”
Robert Chirchir, BetLion MD, added: “888AFRICA is a business with huge ambitions on the continent.
“We’re delighted to be getting involved in its exciting growth journey and supporting its expansion through our market-leading front-end software and platform and established licences across the region.
“We look forward to working more closely with the team and continuing to delight customers with our joint offer.”