-
Casinos for you
888 Holdings Announces a New African-Facing Joint Venture
By Jeff Osienya Mar 29, 2022 Industry888 Holdings sets sights on the African market with a new joint 888Africa initiative formed after inking a deal with five specialists in the continent. The new venture will procure licenses to offer casino and sportsbook services using the 888 brand name.888 Holdings PLC, the Gibraltar-based gambling leviathan, is expanding its reach to the African online casino and sports betting market to broaden its revenue streams under a new venture dubbed 888Africa. The joint venture is backed by five industry specialists who have signed an agreement with 888 Holdings to operate 888 brands in regulated markets in the continent.
Led by Christopher Coyne, former CMO and Chief Customer Officer of Stars Group, the FTSE 250 Index company will begin with a minority stake in the 888Africa joint venture with its partners in the continent. However, it’s important to note that 888 has an option of upping its minority stake to 100% in the future.
The agreement with the quintet of gaming industry specialists stipulates that 888Africa will pay a brand license fee to permit the use of 888’s online betting and gaming brands. Additionally, a third-party technology platform will be used to offer the content and the games being designed to fit the tastes and preferences of the African market. By the end of the year, the company plans to have rolled out its services in four markets in the continent, subject to license approvals.
Heavy Hitters to Form the Top Brass for Experienced Leadership
888Africa has brought together a couple of gaming industry veterans to steer the venture. For starters, Christopher Cayne will assume the role of Chief Executive Officer at 888 Africa. The former Managing Director of Stars Group and the current Voxbet chair, Andrew Lee, will play a supporting role alongside Alex Rutherford, who previously served as the Chief Product Officer at Editec Online.
The trio of executives will be flanked by Hellen Scott-Allen, the former CFO of Premier Bet, and Ian Marmion, who previously worked with Lee at Stars Group as the Sportsbook Trading Director. Expressing excitement and optimism about the Africa-facing move, 888 Holdings Chief Executive Officer Itar Pazner said:
Quote“We are very excited to establish 888 Africa alongside such an impressive roster of industry talent. The new joint venture 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 growth ambitions and without distracting focus from our core business and key strategic markets. We look forward to being a part of 888 Africa’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.”
Plenty of Fresh Gambling Markets for 888 to Tap Into in Africa
There is a lot of growth room for 888 Holdings in the continent now that the company has officially thrown its hat into the ring of Africa’s gambling market. Casino gaming and sports betting activities have come a long way on the continent. As a result, many operators now view the continent as a lucrative region to invest in and rack up substantial revenue streams.
Countries such as Nigeria, South Africa, and Kenya lead the way in what is shaping up to be a gold mine for gambling brands from different parts of the globe. The surge of economic growth coupled with affordable mobile broadband penetration and a willingness by local governments to regulate gambling make the African market especially attractive.
While some North African governments condemn gambling as an illegal activity, most of the continent is ready for structured legislation that should see regulated gambling welcome in many countries. From forward-looking statements of 888Africa’s leadership, the new-fangled venture targets a place at the high table of African gambling. For instance, Christopher Coyne, the CEO of the 888Africa vehicle, commented,
Quote“We are delighted to launch 888Africa alongside 888. With our team of experienced professionals and significant knowledge of the African markets, it’s our ambition to build the business towards market-leading positions in selected regulated markets in 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.”
You might also like