Dublin-based BetBright acquired by 888 for €17m

888 has acquired BetBright (PA)

Ellie Donnelly Twitter Email

March 04 2019 08:28 AM

Online casino group 888 has acquired Dublin-based sports betting platform BetBright for £15 (€17.4m).

888 said the acquisition would strengthen its product and technology capabilities, and will support the long-term development strategy for 888Sport.

888 is only acquiring the technology assets and capabilities of BetBright, and will not operate the BetBright brand going forward.

Itai Pazner, chief executive of 888 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."

This is 888’s third acquisition in recent months.

Launched in launched in 2013 as a sports book brand in the UK and Ireland, BetBright runs off its own proprietary technology, with capabilities across product, risk and trading.

Goodbody analysts estimate the Betbright brand has a around a 1pc share of the UK market. The analysts estimate that BetBright was generating around €14m in revenue, but was loss making as it invested in marketing to build its brand.

"We expect 888 will have to invest low to mid-single digits over the next three years as this business becomes part of its group," Goodbody analysts said.

The BetBright Dublin team will be integrated into the 888 company.