888 Holdings PLC Grows into the Sports Betting Market

 

888 Holdings PLC, often known as just 888.com, has purchased Dublin-based BetBright’s sports betting technology platform which is one area that 888 was outsourcing to a company named Kambi. Kambi Group Plc is a business to business sports betting provider marketing it’s front end user interface, odds compiling, customer intelligence and risk management. That outsourcing was a huge financial burden on 888, but as soon as 888 can integrate BetBright’s technology with their present platform, they will save a bundle and drive up their profits as well.

 

Just this past Monday, 888 announced to it’s investors of it’s deal with BetBright’s parent company Dedsert Ltd for almost 20 million USD in order to acquire the operator’s sports betting platform, it’s Dublin office, and it’s staff.

 

888 Holdings is based in Gibraltar and is listed on the London Stock Exchange. 888 got it’s start back in May of 1997 as Virtual Holdings Limited; founded by four Israeli entrepreneurs. Their first website was Casino-on-Net.com which is still active even today boasting over 1,000,000 punters over the years.

 

This acquisition of it’s own sports betting product gives 888 complete ownership of it’s gambling products:

  • casino,
  • sports,
  • poker
  • and bingo.

Although the addition of it’s own sports betting product will save 888 royalty fees, the cost of integrating the new product with it’s current line is said to be huge, driving stocks down 2%.