Following the takeover of Irish operator BetBright earlier in the week, it has been clarified that the BetBright’s Dublin headquarters were to be integrated into the 888 group, and that players would have 30 days to access accounts to withdraw funds or winnings.
As a goodwill gesture, 888 announced that any bets placed on the BetBright platform for the Cheltenham Festival would be honoured, however it remains unclear as to what will happen for all other unsettled bets.
A spokesperson for 888 said: “As a gesture of goodwill, 888 will be honouring and paying out on all winning Cheltenham Festival bets which were placed through BetBright’s sportsbook.”
Investors have been asked to withdraw all investments from the platform in the coming 30 days. Meanwhile the sponsorship deal between BetBright and Nottingham Forest Football Club is being discussed by representatives from both the club and BetBright.
Analysts from Regulus Partners responded to the news of the takeover by pointing out that while over £60m has been invested in BetBright since 2013, the company was only sold to 888 for £15m, suggesting a “complete business failure rather strategic realignment”.
The brand’s shortfalling, according to Regulus, could be as a result of recent tax hikes in both the UK and Ireland, in addition to early-stage growth projections being hindered by an underlying market slowdown.