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888 Holdings PLC said on Tuesday it has formed a new joint venture with five ‘industry veterans’ to launch the 888 brand in Africa.
The online betting and gaming company explained that it has invested a minority stake in the joint venture, 888Africa, which will operate 888 brands in online betting and gaming markets in Africa.
The company has the option to increase its control of the joint venture and ultimately own 100% of 888Africa in the future.
888Africa will pay a brand licence fee to use and operate 888's online betting and gaming brands. The brands will operate via a third-party technology platform.
Initially, the joint venture is expected to launch in four markets on the continent during 2022. 888 did not specify which markets.
Shares in 888 were up 0.2% at 189.20 pence on Tuesday morning in London.
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