888 to launch African joint venture
888 Holdings has signed an agreement with five other industry specialists to form a joint venture titled 888Africa; this new organisation will operate 888 brands in regulated online betting and gaming markets within Africa.
888 has invested a minority stake in 888Africa but retains the option of increasing this and could ultimately own up to 100% of the company.
Within the agreement, 888Africa will pay a brand licence fee that will allow the use and operation of 888’s online betting and gaming brands within regulated markets in Africa. The content will be offered via a third-party technology platform, with products and games designed for local preference within the African market.
This new venture will be led by industry professionals such as Christopher Coyne, former Chief Marketing Officer and Chief Customer Officer at The Stars Group, Andrew Lee, former MD for Sportsbook of The Stars Group and current Chairman of Voxbet. In addition, 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.
As an initial step, and subject to licensing, 888Africa hopes to launch in four markets during 2022.
Itai Pazner, 888 Holdings CEO, 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, 888Africa CEO, added: “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.”