888 is eyeing a huge new market after forming 888AFRICA, a joint venture that is expected to launch iGaming in four African markets in 2022. [Image: Shutterstock.com]
Strategic expansion in Africa
Global iGaming company 888 Holdings has formed a joint venture to launch its sports betting and iGaming offerings in major African regulated online betting and gaming markets.
888AFRICA will launch in four markets across the continent in 2022
In a statement on Tuesday, the Gibraltar-based company said its new venture 888AFRICA would launch in four mainland markets in 2022, subject to licensing.
The iGaming brand has signed an agreement with five industry veterans to form 888AFRICA. Although 888 has invested a minority stake in the Africa-focused company, the deal comes with a clause that it can eventually increase its stake to own 100% of the company down the line.
The terms of the agreement require 888AFRICA to pay a trademark license fee to use and exploit 888’s online betting and gaming brands on the continent. The new family of African brands will offer products and content based on local market preferences, powered by a third-party technology platform.
Mostly All-Star executives
In a formal announcement on Tuesday, 888 Holdings CEO Itai Pazner said his company was “very excited to establish 888AFRICA alongside such an impressive roster of industry talent.”
Christopher Coyne will lead 888Africa as CEO
Former The Stars Group Chief Marketing Officer, Christopher Coyne, will lead 888Africa as CEO. Under Coyne comes Andrew Lee, the current chairman of Voxbet; Alex Rutherford, former product manager at Editec Online; former sports betting commercial director of The Stars Group Ian Marmion; and Helen Scott-Allen, former Chief Financial Officer of Premier Bet.
Pazner said the joint venture will launch 888’s iGaming wallet to “millions of new customers.” The chief executive added that the structure of the deal meant his group could invest in a robust business with high growth targets, without diverting from its core business and important strategic markets.
Ready for the challenge
Africa is a football-crazy continent as the recent Africa Cup of Nations in Cameroon revealed, although a recent VegasSlotsNews Online the article noted multiple failures during the competition. Africa is also a very diverse market, with more than 2,000 languages spoken.
Despite the stark differences in each African market, the company’s new CEO, Coyne, is confident that his team and “significant knowledge of African markets” will deliver on 888AFRICA’s ambition to grow into “leading positions” in the region.