888 Acquires its own Sportsbook Platform
Early in March 2019, 888 Holdings has closed the deal for the acquisition of major Irish sportsbook operator BetBright. The 888 group has agreed to pay the amount of £15m to purchase several assets from Desert Ireland Limited, Desert Limited and their affiliates, which all together from BetBright. Following the acquisition, the Dublin based company has ceased its gambling operations entirely. This is an extremely important move for 888, which not only strengthens their product but also allows expands their trading capacity to a complete range of services that now include Casino, Bingo, Poker and Sports. The 888 board is confident that the acquisition will significantly extend the company’s long-term plan for the international sports betting market.
Details of the Merger
While this big step makes perfect sense for both parties involved, BetBright’s players have some serious reasons for concern. According to the initial terms of the agreement, all unsettled bets coming from ante-post bets placed by players with the operator were deemed to be voided. Up to this moment, no further updates on this matter, as well as for bets placed on other different sports, have been posted, leaving BetBright’s former players extremely dissatisfied and angry. Another affected party, the Football Club Nottingham Forest, announced that they are currently negotiating with both companies, given the fact that they are currently engaged in sponsorship with BetBright for a front-of-shirt format, and that prior to this, they have been previously sponsored by 888. On the bright side, an 888 spokesman announced that the group will honour and pay out all winning bets from the Cheltenham Festival, all of them placed through BetBright. Regardless of this aspect, the UK Gambling Commission has already initiated the investigation for all currently unsettled bets following up on the disputes raised by BetBright’s players.
While the results of the UKGC investigation are up to anyone’s guess, BetBright encouraged all of its customers to withdraw all of their available funds within 30 days. It’s only normal to assume that discussions between the boards of the two companies are still going on, in order to find a solution to the players’ problem, the merger is a done deal and as of now, 888 is officially in the sportsbook business.