888 takes a €17m punt on BetBright tech boost
Online casino group 888 has acquired Dublin-based sports-betting platform BetBright in a deal worth £15 (€17.4m).
It said the acquisition will strengthen its product and technology capabilities, and support the long-term development strategy for 888sport.
The group is only acquiring the technology assets and capabilities of BetBright, and will not operate the BetBright brand going forward.
"This acquisition... 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," said 888 CEO Itai Pazner.
Launched in 2013 as a sports book brand in the UK and Ireland, BetBright has an estimated 1pc share of the UK market, generating around €14m in revenue overall.
Goodbody analyst Gavin Kelleher said he believes the group is loss-making, as it invested in marketing to build its brand. The BetBright team will be integrated into 888.