888 Holdings Announces Market Access Deals in Indiana, Iowa, Colorado
The company will initially roll out sports betting in all three states through 888Sport in 2021
Harrah’s Hoosier Park, Catfish Bend Casinos, and Colorado Grande Casino are the new partners
An 888 trading update indicates that 2020 revenue will likely be ahead of prior expectations
888 Holdings already has an active presence in Nevada, Delaware, and New Jersey
A wave of partnerships
Online gambling company 888 Holdings Plc announced on December 2 that it signed three multi-year market access deals to launch in Iowa, Indiana, and Colorado. Its presence in each of the three states will initially be through the 888Sport brand in 2021.
a live presence in six states
The deal in Indiana is with Harrah’s Hoosier Park, which is under the ownership of Caesars Entertainment. 888Sport will enter Iowa through the license of Catfish Bend Casinos II LLC, and Colorado through Colorado Grande Casino’s license. With these latest partnerships, the online gaming entertainment and solutions provider will have a live presence in six states as it continues its US regulated market expansion.
The SVP head of commercial development at 888 Holdings, Yaniv Sherman, described the deals as “another major milestone” in the company’s growth in the US online gaming industry.
As well as announce its three new partners, 888 Holdings issued a trading update on December 2. It observed strong performance levels in recent months, resulting from high customer acquisition rates in the past couple of years, a consumer shift to online services, and the launch of new products.
The company board now believes revenue for 2020 will be greater than previously expected. It projects a 45% increase compared to 2019 results, with the adjusted EBITDA margin set to be about 18.5%.
CEO Itai Pazner also said 888Holdings will continue to prioritize safe gambling for the prevention of gambling-related harm.
US expansion efforts
888 Holdings was the first online gambling provider to gain a license to operate in the US, receiving approval from the Nevada Gaming Commission in 2013. It now operates an 888-branded online casino, sportsbook, and poker platform that are live in New Jersey.
The B2B division powers the online poker platform for its WSOPcom partner. This allows gamblers in Nevada, New Jersey, and Delaware to play against one another thanks to the shared player pool. 888 Holdings exclusively powers online poker sites and casinos in Delaware through its partnership with the Delaware Lottery. Recently, the Pennsylvania Gaming Control Board granted 888 Holdings an interactive gaming manufacturer license in the Keystone State.
888 Holdings is also reportedly interested in purchasing the non-US assets of William Hill. Caesars Entertainment, currently in the process of acquiring the UK-based sportsbook operator in a deal worth about £2.9bn ($3.9bn), is likely to sell the non-US arm of the business.