Strategic investment to launch 888 brand in Africa
Newly formed 888AFRICA joint venture will licence and launch 888’s world-class online betting and gaming brands across selected regulated African online betting and gaming markets
888 (LSE:888), one of the world’s leading online betting and gaming companies, is pleased to announce that it has signed an agreement with five industry veterans to form a new joint venture (“888AFRICA”), that will operate 888 brands in online betting and gaming markets across selected regulated markets in Africa. 888 has invested in a minority stake in 888AFRICA, with the option to increase this to take control, and ultimately own up to 100% of the venture in the future.
888AFRICA will be led by highly respected industry leaders including Christopher Coyne, former Chief Marketing Officer and Chief Customer Officer at The Stars Group; Andrew Lee, former MD – Sportsbook of The Stars Group and current Chairman of Voxbet; Alex Rutherford, former Chief Product Officer at Editec Online; Ian Marmion, former Sportsbook Trading Director at The Stars Group; and Helen Scott-Allen, former CFO of Premier Bet.
Under the terms of the agreement, 888AFRICA will pay a brand licence fee to use and operate 888’s renowned online betting and gaming brands in selected regulated markets in Africa. The brands will operate via a thirdparty technology platform, with products and content designed for the local preferences of the African market. Initially, 888AFRICA expects (subject to licensing) to launch in four markets on the continent during 2022.
Itai Pazner, CEO of 888 Holdings Plc, commented:
“We are very excited to establish 888AFRICA alongside such an impressive roster of industry talent. The new JV will launch 888’s world-class online betting and gaming brands to millions of new customers in the exciting and fast-growing African online market. The structure of this deal enables the Group to invest in a strong business with high growth ambitions, without distracting focus from our core business and key strategic markets.
We look forward to being a part of 888AFRICA’s journey as it grows its footprint and increases brand awareness, while also offering potentially significant long-term opportunities for the Group in the future.”
Christopher Coyne, CEO of 888AFRICA, commented
“We are delighted to launch 888AFRICA alongside 888. With our team of experienced professionals and significant knowledge of the African markets, it is our ambition to build the business towards market-leading positions in selected regulated markets across the region.
Partnering with 888 will give us access to a world-class brand, as well as a broad team of experts to support our growth plans, further enhancing our confidence in our future prospects.”
Oakvale Capital LLP acted as financial adviser and Herzog Fox & Neeman acted as legal adviser to 888.
About 888 Holdings Plc:
888 Holdings plc (and together with its subsidiaries, “888” or the “Group”) is one of the world’s leading online betting and gaming companies. 888’s mission is to lead the gambling world in creating the best betting and gaming experiences, bringing unrivalled moments of excitement to people’s day-to-day lives by developing state-of-the-art technology and products that provide fun, fair and safe online betting and gaming entertainment to customers around the world.
888 has been at the forefront of the online gaming industry since its foundation in 1997, leveraging its proprietary technology to create an innovative and world-class online betting and gaming experience. The Group is structured into two lines of business: B2C, under the 888 brands, and B2B, conducted through Dragonfish, which provides partners a leading platform through which to establish an online gaming presence and monetise their own brands in a safe and responsible manner.
In 2021, 888 launched an exclusive partnership with Authentic Brands Group, owner of the iconic Sports Illustrated brand, to launch its latest B2C brand, SI Sportsbook. Currently available to players in Colorado with plans to launch in more states over the coming year, SI Sportsbook offers a unique, content rich sportsbook tailor-made for sports fans in the US.
In recent years, 888’s continued focus on innovation has been recognised through industry awards. In 2021, the Group was named Casino Operator of the Year and its in-house sportsbook was recognised as the In-House Product of the Year at eGaming Review’s (EGR) prestigious Operator of the Year Awards. In the same year, the Group also won the Poker Marketing Campaign at EGR’s Marketing & Innovation Awards for its Made to Play campaign.
888’s consumer facing websites offer more than just online betting and gaming. They are entertainment destinations: places where people can enjoy a truly interactive experience and be part of an online community that shares common interests. 888’s strong and trusted brands are all accessible through www.888.com.
Find out more about 888 at http://corporate.888.com/.
SOURCE: 888 Holdings PLC.Tags: 888 Holdings PLC