UK-listed online gaming operator 888 Holdings plc has signed a joint venture agreement for the launch of a comprehensive online gaming offering in the United States under 888’s brands.
888 has teamed up with global investment firm Avenue Capital Group to incorporate a Delaware company called All American Poker Network (AAPN) which will launch 888's brands into the US market using 888’s gaming platform under either federal or state regulation.
In a statement released Monday, 888 said that it could also benefit from Avenue Capital Group’s other interests in various terrestrial casinos and entertainment companies.
“This is the perfect deal for 888, providing the ideal platform through which to launch our B2C brands into the US market, once regulated,” said 888 chief executive Brian Mattingley. “Our WSOP agreement with Caesars gives us an excellent B2B deal with one of the largest global gaming brands and most prominent casino operators, and we also have a strategic alliance with one of the largest gaming machine manufacturers in the world, WMS. We now have a significant financial partner for our leading B2C product - the final piece in the jigsaw, completing our US online strategy.”
888 also announced Monday that it has entered into a separate agreement with Las Vegas casino operator Treasure Island for the launch of online poker in Nevada on the All American Poker Network, subject to licence approval, which is expected to be issued later this year following last weeks recommendation from the Nevada Gaming Control Board.
“The partnership with Treasure Island, a top tier casino property and operator in Las Vegas, is a further step forwards and another vote of confidence in our technology and people,” added Mattingley. “We are well positioned to become a market leader in Nevada and other states as they regulate online poker going forward."
Shares in 888 Holdings plc (Co. Data) (LSE:888) were trading up by 2.84 per cent early Monday in London at 163.00 pence per share.