Three multi-year market access agreements have been unveiled in the US by 888 Holdings as the company increases full-year targets due to sustained good operating results in the second half of the year.
Launches in Colorado, Indiana and Iowa, initially through the 888Sport brand, will begin in 2021, marking the latest milestone in the strategic US growth plan of the company.
The Hoosier State sees an agreement secured alongside Harrah’s Hoosier Park, which is owned by Caesars Entertainment, in the former of those 888sport to debut under the licence of the Colorado Grande Casino located in Cripple Creek, while an Iowan debut will take place under the licence of Catfish Bend Casinos.
On these transactions, Yaniv Sherman, SVP Head of Commercial Development at 888, commented: “Expanding 888Sport.com into these three states represents another major milestone in our ongoing growth across the regulated US online gaming market.
“We have deployed our proprietary technology in the US, and our exciting pipeline of new products will deliver industry-leading propositions to customers across both our B2B and B2C operations.
“We continue to appraise strategic partnerships that will provide additional brand-building and market access opportunities for 888 across the US market in the near future.”
In addition to announcing plans to expand its US footprint to six states, the board of 888 expects full-year revenue to finish 45 percent ahead of $560.3 million in 2019.
Asserting that expectations for 2021 remain unchanged, an adjusted EBITDA margin of approximately 18.5 per cent is anticipated for the year, which is consistent with that achieved in the first half of 2020.
The CEO of 888, Itai Pazner, explained: “We are delighted to sign these agreements with three great partners – the Colorado Grande Casino, Catfish Bend Casino II LLC, and Harrah’s Hoosier Park – that will enable 888 to bring its first-class online sportsbook to bettors in Colorado, Iowa and Indiana.
“The US online betting and gaming market has huge growth potential, and we continue to build a strong platform for growth across both our B2B and B2C operations.
“In addition, we are pleased with 888’s trading during the second half of 2020. This performance continues to reflect strong FTD trends in line with the group’s recreational customer focus as well as the structural shift towards online services being seen across several consumer-facing industries. We have continued to prioritise safe gambling and recognise the impact of COVID-19 on the lives of 888’s customers across global markets.
“888 continues to invest in protecting customers and has again increased the volume of interactions with customers initiated by 888’s safer gambling team in order to help prevent gambling related harm. Underpinned by 888’s core strengths as a responsible operator with outstanding technology, the group remains well positioned to deliver further strategic progress.”