888 Secures Market Access to Three States

Categories: News, Colorado, Indiana, Iowa | Published by: Alex W

05/12/2020

iGaming and sportsbook operator 888 is planning to launch its sports betting platform in 3 new states including Colorado, Iowa & Indiana

A big name in the international gaming industry, 888 Holdings, announced earlier this week that it would be entering the Colorado, Iowa, and Indiana sports betting markets in 2021. The company operates as 888sport in the US and is looking to expand its footprint in the country. With the addition of these three states, 888 will now have a presence in six states, after already launching in New Jersey, Nevada, and Delaware. 888Holdings is based in Gibraltar.

The company revealed that it had agreed to multi-year deals with Catfish Bend Casinos II LLC in Burlington, Iowa; Caesars Entertainment’s Harrah’s Hoosier Park, about 30 miles from Indianapolis, Iowa; and Grande Casino in Cripple Creek, Colorado.

Commenting on the news, Itai Pazner, 888 chief executive officer, said they were “delighted to sign these agreements” and called their new partners “great.” He said the US market’s growth potential was “huge,” and the company aims to “continue to build a strong platform for growth” across its operations.

Alongside the sports betting announcement, 888 revealed they had a strong operational performance during the second half of the year. The revenue is set to be ahead of previous projections. Pazner said that expected revenue will be 45% ahead of last year, showcasing how strong the company has performed in the latter part of 2020.

Yaniv Sherman, senior vice president and head of commercial development for 888, described the expansion into three further states as a “major milestone in our ongoing growth across the US.” Sherman also said there is no stopping there, as the company will provide “additional brand-building and market access opportunities” across the US in the future.

US Sports Betting Markets Continue to Grow

The sports betting markets in the states in question, Colorado, Iowa, and Indiana, are expanding. All three have set sports handle records for the past three months. Colorado revealed an October sports betting handle of $210 million, up $3million from September. The market in the Centennial State launched on May 1.

Indiana also enjoyed a successful October, as the total handle was $230.9 million, up 11.3% from September’s $207.45 million. Iowa saw a month on month increase from September to October of 13.1%, with the total October handle coming in at $81.9 million.