888 Holdings signs an agreement to create the 888Africa joint venture

888 has reported that while its minority stake, it retains the option to increase it and could even own up to 100% of the company.

Within the agreement, 888Africa will pay a brand license 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.

As an initial step, and subject to license, 888Africa expects to launch in four markets during 2022.

Itai Pazner, CEO of 888 Holdings, has highlighted that the new company "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". Similarly, he values the agreed structure because it allows "the Group to invest in a strong business with high growth ambitions, without distracting focus from our core business and key strategic markets".

On the other hand, Christopher Coyne, appointed CEO of 888Africa, highlights the trajectory of the team of professionals that will be part of 888Africa and says: “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 prospect.”

We must highlight that alongside Coyne, former Chief Marketing Officer and Chief Customer Officer at The Stars Group, will be Andrew Lee (former MD for Sportsbook of The Stars Group), 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).