888 saw its shares increase 0.3% to 189.2p in early morning trading on Tuesday following the announcement of its strategic “888Africa” brand investment in Africa.
The company reportedly signed an agreement with five “industry veterans” to form a joint-venture which will see the betting firm operate 888 brands across selected markets in Africa.
888 confirmed it has invested a minority stake in the venture with the option to increase its stake up to 100% and take control of the project.
888Africa is set to pay a brand license fee to operate 888’s brands in African markets, and will reportedly operate through a third-party technology platform with bespoke content and gaming for the local preferences of the region.
The joint-venture will be led by former Stars Group CMO Christopher Coyne, Voxbet Chairman Andrew Lee and former Editec Online CPO Alex Rutherford.
The project has also recruited former Stars Group Sportsbook Trading Director Ian Marmion and former Premier Bet CEO Helen Scott-Allen for its leadership team.
“We are delighted to launch 888Africa alongside 888,” said 888Africa CEO Christopher Coyne.
“With our team of experienced professionals and significant knowledge of the African markets, it is 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 prospects.”