888 Holdings subscribed an agreement with five other industry specialists. Thus, the company established a joint venture called 888Africa, which will manage 888 products in regulated betting markets in Africa. Initially, 888 Holdings invested a minority shareholding in this. However, it retains the possibility to increase it, and in principle it could eventually own 100% of the company.
Moreover, this agreement provides for 888Africa to pay a trademark licence fee. This enables the presence of the sports betting products in the regulated markets in Africa. Additionally, a third-party technology platform will be used to distribute the content. Concerning this, they intend to adapt the platform to the local preferences of the African market.
The majority of the industry experts held leadership positions at The Stars Group
Christopher Coyne and Andrew Lee took the lead. Coyne was the former Chief Marketing Officer and Chief Customer Officer at The Stars Group. While Lee acted as managing director for sports betting at The Stars Group in the past and now works as chairman of Voxbet.
They collaborate with the former Chief Product Officer at Editec Online, Alex Rutherford, the former Sportsbook Trading Director at The Stars Group, and the former Chief Financial Officer of Premier Bet. As a first step, 888Africa aims to launch in four countries later this year.
That is what the CEOs of 888 Holdings and 888Africa stated
The CEO of 888 Holdings, Itai Pazner, said: “We are very much looking forward to establishing 888Africa together with these industry talents. After all: the new joint venture will introduce our company’s world-class online betting products to millions of new customers in the exciting and fast-growing African market. Moreover, this allows us to invest in a strong business with high-growth ambitions while maintaining focus on our ongoing business.”
Coyne added: “We are thrilled to be launching 888Africa. And with our group of experienced professionals, we are looking to build up the business in selected regulated markets across the continent. In this regard, the collaboration with 888 Holdings strengthens our confidence in our future prospects. After all, it provided access to a world-class brand and a broad-based team of experts.”
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