4 Mar 2019 07:00
Strictly Private and confidential
4 March 2019
888 Holdings Plc
("888" or "the Group")
888 acquires BetBright's sports betting platform
· 888 acquires BetBright's sports betting platform for £15 million.
· The acquisition strengthens 888's product and technology capabilities and will support the long-term development strategy for 888Sport.
· As part of the acquisition, BetBright's Dublin office will be integrated into the Group.
888, one of the world's leading online gaming entertainment and solutions providers, announces the signing of an agreement by its wholly-owned subsidiaries for the acquisition of certain assets of Dedsert Limited and Dedsert (Ireland) Limited and its affiliates (together, "BetBright") for £15 million (the "Transaction").
Background to the Transaction:
888 is acquiring high-quality and scalable sportsbook technology alongside associated risk management, product and trading capabilities to support the long-term development of the successful 888Sport brand.
The integration of BetBright's sportsbook into the Group will give 888 complete ownership over its technology and product development across four key online betting verticals (Casino, Sport, Poker and Bingo). The Board believes that the Transaction will enhance the Group's long-term prospects in the global Sports betting market by enabling 888 to fully leverage its marketing and analytics capabilities, scale and unique expertise.
The Group will begin the integration process of BetBright's technology into 888 as a soon as practically feasible. The Group aims to begin a phased and market-by-market roll out of its proprietary sports book solution once integration is completed.
Itai Pazner, Chief Executive of 888 commented:
"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.
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.
The BetBright sportsbook has been developed by a fantastic team and is a high quality and scalable platform. 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.
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."
Important Notices
This announcement contains inside information and is issued on behalf of 888 by its Board of Directors. This announcement is issued at 7:00 am GMT on 28 February 2019.
This announcement contains forward-looking statements with respect to the operations, performance and financial condition of 888. By their nature, these statements are subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied because they relate to future events.
Unless otherwise required by applicable law, regulation or accounting standard, 888 does not undertake to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise. Nothing in this document should be construed as a profit forecast.
Nothing contained in this announcement constitutes or shall be deemed to constitute an offer or invitation to invest in otherwise deal in any shares or other securities of 888.
For more detailed information about 888, see the Investor Relations section of the 888 website.
Enquiries and further information:
888 Holdings Plc | |
Itai Pazner, Chief Executive Officer | +350 200 49 800 |
Aviad Kobrine, Chief Financial Officer | +350 200 49 800 |
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Hudson Sandler (public relations) | +44(0) 207 796 4133 |
Alex Brennan Hattie O'Reilly Bertie Berger | 888@hudsonsandler.com |
About 888 Holdings Plc:
· 888 Holdings Public Limited Company (888) is one of the world's most popular online gaming entertainment and solutions providers. 888's mission is to supply its customers with innovative and market-leading online gaming products, above all in a safe and secure environment.
· 888 has been at the forefront of the online gaming industry since foundation in 1997, providing to players and B2B partners an always innovative and world-class online gaming experience. At the heart of 888's business is its proprietary gaming technology and associated platforms.
· 888 operates in three US states: Nevada, Delaware and New Jersey.
· 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.
· 888's consumer facing websites offer more than just online 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/.