Online gambling firm 888 buys Bet Bright’s sports betting platform for £15m
Online gambling company 888 has snapped up Bet Bright’s sports betting platform in a deal worth £15m, the company said today.
888 said the deal, which will give it full control over Bet Bright’s technology and product development, will enhance its long-term prospects in the global sports betting market.
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Itai Pazner, 888 chief executive, said: “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.”
As part of the deal, Bet Bright’s Dublin office will be integrated into 888’s operations. The betting firm said it will look to integrate Bet Bright’s technology “as soon as practically feasible”.
The takeover is the latest in a string of acquisitions by 888 as it looks to boost its position in the online gambling market.
The firm recently paid £18m for a portfolio of bingo brands owned by JPJ Group, while last year 888 snapped up the remaining half of All American Poker Network for $28m (£22.3m).
The London-listed firm is also looking to expand its operations in the US in a bid to capitalise on a relaxation of sports betting laws in the country.
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“This is the third acquisition that the group has made in recent months and demonstrates the group's commitment to its strategy: to be a global leader in the online gaming market by driving organic growth across regulated markets, supported by value-accretive M&A,” Pazner added.
Shares in 888 ticked up 0.5 per cent in early trading.