Yesterday, the British online gambling company 888 Holdings revealed that it is expanding its presence in the US thanks to a new partnership deal with Sports Illustrated. Under the agreement, the operator is set to roll out a betting platform in the US by the end of 2021.
The British gambling operator saw a 2% share value increase to 406p in early trade in London following the announcement of the deal with the iconic US sports website and magazine. 888 Holdings shared that its partnership with Sports Illustrated would develop online gambling and sports betting products in the US, which would take advantage of the proprietary and scalable technology of the British online gambling company, with the initial launch of the SI Sportsbook scheduled to take place in the second half of 2021.
As explained by the CEO of 888 Holdings, Itai Pazner, the deal with Sports Illustrated will provide the company with the chance to accelerate its investment into the US. The latter represents one of the most lucrative long-term growth opportunities for the British online gambling operator, especially considering the high awareness and consumer loyalty of the sports media brand the company joined forces with.
Under the agreement, 888 Holdings will get access to millions of engaged sports fans in the country.
SI Sportsbook to Be Launched in Colorado Probably in September
Sports Illustrated was officially launched in 1953 and has grown into one of the most recognizable media brands in the US. Currently, it is owned by Authentic Brands Group (ABG) and has a monthly circulation of around 1.6 million.
Under the new commercial agreement that has recently been announced, 888 Holdings was given the exclusive right to use the Sports Illustrated brand and trademarks for online gambling and sports betting services. In return, the owners of the iconic US sports magazine will receive brand licence and affiliate fees from the British gambling operator, as well as a minority interest in the company.
The SI Sportsbook that is to be released in collaboration between 888 Holdings and Sports Illustrated, is set to be initially launched in the state of Colorado, where online sports betting has been legal since 2019. The new sportsbook service will face the competition of around 10 other sports betting providers there, with the service set to expand to other states in line with their local legislation and regulatory rules.
The new online sports betting platform is expected to make its debut in Colorado in time for the beginning of the American football season in September.
The owner of Sports Illustrated explained that the partnership with the British online gambling company would provide it with the chance to diversify the revenue streams of the company and get more engaged directly with its sports consumers.
- Author
Olivia Cole
