Gambling company 888 Holdings (888) has this morning announced the launch of SI Sportsbook, a new branded betting experience in Colarado. The shares nudged-up 0.4% to 408.2p.
SI Sportsbook combines 888’s proprietary technology with Sports Illustrated brand to offer a differentiated in play betting market, specifically designed for the American market.
The Sports Illustrated partnership extends 888’s existing product offering within the American market that has historically been focused around poker and iGaming.
From a geographic perspective the group has secured market access for Si Sportsbook in four states including Iowa, Colarado, New Jersey and Indiana. Following today’s launch in Colarado, the group intends to roll out 2-to-3 more states a year.
KEY BENEFITS
Sports Illustrated is the fastest growing media brand in America, with over 12 million loyal readers annually, and over 30 million monthly unique visitors. Moreover according to recent research undertaken by Comscore, a Sports Illustrated consumer is 78% more likely to wager and over 3 times as likely to visit a betting website.
888 has ambitions to build up a market share of 5% in the four aforementioned initial states where SI is being launched which would equate to a $90 million opportunity.
Today’s SI announcement highlights 888’s long term structural growth opportunity as it expands its presence and offering within the American market.
ACQUISITION
In separate news today, the Times reported that 888 had acquired William Hill's European operations, including its chain of 1,400 betting shops after they were put up for sale following the takeover by Caesars Entertainment.
The company won an auction being contested by private equity groups Apollo and CVC Capital Partners in conjunction with German betting group Tipico. The winning bid was estimated at more than £2 billion.
