888 Holdings acquires BetBright for £15 million

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888 Holdings acquires BetBright for £15 million ( Click to Enlarge )

Online gaming conglomerate 888 Holdings has recently acquired the Irish company BetBright for £15 million. As part of the acquisition, a spokesperson for 888 said the deal will help to “bolster” its technology and product capabilities as well as go some way to supporting development for the firm’s sports betting arm.

BetBright’s main office, situated in Dublin, will be integrated into 888’s setup. The deal provides 888 with total ownership over all BetBright products across its live casino, poker, bingo and sportsbook options.

Fan Favourite

BetBright was founded in 2012, and quickly established itself as a unique and interesting purveyor of online slots games. With an intuitive, user-friendly website, the company soon found itself attracting the attention of European online casino fans.

Itai Pazner, the CEO of 888, described the acquisition as “high-quality” and an “exciting milestone” in the history of 888. He went on to describe the technology held by BetBright to be the “missing piece” in the 888 portfolio, which will enable the firm to provide its very own end-to-end solutions throughout the four most popular online gambling choices among consumers.

Exponential Growth

888 has become an increasingly established name with gamblers worldwide, and the BetBright deal represents the third acquisition made by the group over the past few months. In December 2018, 888 took full control of the All-American Poker Network. In February, the firm agreed to an £18 million deal which would net them a number of online bingo brands from JPJ group.

However, rather than continue to run BetBright as an individual concern, it appears the technology used by the company will simply be amalgamated under the 888 umbrella, resulting in the closure of BetBright.

While 888’s shares ended up trading down by 3.3p by the end of play Monday, market analysts predict the decision to purchase BetBright is a well-thought-out, long-term strategic move.

On Monday, 888 announced that users with any unsettled bets on the BetBright platform will be refunded. Users with unsettled multiple bets currently in operation will have the current winning sections settled, with unsettled legs of the multiple being voided. A spokesperson for the company suggested this was the “fairest way” of winding down operations.