- Legal States
Jerome García March 29, 2022 3 min read
888 Agrees to Support an Africa-Facing Joint Venture
888’s leading betting and gaming brands will enter regulated African online betting and gaming markets via a newly formed joint venture called 888AFRICA.
888AFRICA Creates a Strong Leadership Team
The global leading online betting and gaming company, 888, announced Tuesday that it inked an agreement with five leading industry veterans to establish 888AFRICA, a new joint venture that will operate the company’s brands in regulated markets in Africa. The company revealed that it has invested a minority stake in 888AFRICA. However, 888 still has the option to increase its investment and ultimately own 100% of the newly created joint venture.
Under the terms of the new deal, 888AFRICA will pay a brand license fee. This would allow the joint venture to operate 888’s online betting and gaming brands in different regulated markets in Africa. With that in mind, the brands will be operated under a third-party technology platform enabling the products and content to match the local preferences of the market. Although 888AFRICA’s launches are subject to licensing, the joint venture anticipates launching its services in four markets this year.
The gaming industry veteran that used to be chief marketing officer and chief customer officer at The Stars Group, Christopher Coyne, will lead 888AFRICA as CEO. Andrew Lee, who was a part of The Stars Group, will be among the leadership team of the new joint venture. Premier Bet’s former CFO, Helen Scott-Allen, as well as Editec Online’s former chief product officer, Alex Rutherford, and The Stars Group’s former sportsbook trading director, Ian Marmion, will also be a part of 888AFRICA.
The Collaboration Marks an Exciting Moment
In a statement, Coyne outlined that it is delightful to join forces with 888 and launch 888AFRICA. He explained that the joint venture’s team of professionals brings significant knowledge which will fuel its growth in the African markets.
“We are delighted to launch 888AFRICA alongside 888.”Christopher Coyne, CEO at 888AFRICA
Moreover, Coyne said that 888AFRICA plans to reach a market-leading position in regulated markets in the region. In conclusion, he said that by joining forces with 888, the joint venture gains “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.”
“We are very excited to establish 888AFRICA alongside such an impressive roster of industry talent.”Itai Panzer, CEO at 888 Holdings Plc
888 Holdings’ CEO, Itai Panzer, added that it is exciting to launch 888AFRICA with such an impressive leadership team. He revealed that thanks to the new collaboration, 888’s leading betting and gaming brands will reach “millions of new customers in the exciting and fast-growing African online market.” Panzer added that the new collaboration opens an opportunity for significant growth. In conclusion, he said that 888 is looking forward to “being a part of 888AFRICA’s journey as it grows its footprint and increases brand awareness.”