Breaking: 888 Bids Adieu to Sports Illustrated and US Exit on the Horizon?
888 Terminates Agreement with Sports Illustrated, Initiates Comprehensive Evaluation of U.S. Business Operations
In a stunning shift, gaming giant 888 Holdings has announced its decision to cut ties with Authentic Brands and the iconic Sports Illustrated name in connection with its sports betting app and online casinos, as revealed in a recent press release.
Furthermore, 888 has initiated a "strategic review" of its American operations, encompassing SI Sportsbook and SI Casino in Michigan, SI Sportsbook in the Colorado online sports betting market and Virginia, and 888casino in New Jersey.
"The strategic review of our US B2C operations will continue at a rapid pace, and I eagerly anticipate updating shareholders on our Group-wide plans in late March," 888 CEO Per Widerström said in the release.
This announcement comes as 888, which owns and runs the William Hill brand in Europe, prepares to explore every possible avenue, including the potential sale of its U.S. business or a controlled exit from the market. The release states that there can be no guarantee regarding the results or outcome of this review, hinting at the possibility of a departure akin to that of FOX Bet, Fubu, and MaximBet before them.
Bye-bye SI!
As far as its partnership with Authentic Brands to utilize the Sports Illustrated name, 888 will shell out $25 million immediately to sever ties, and an additional $25 million between 2027 and 2029.
"Our partnership with Authentic has yielded consistent demand for the SI brand across consumer experiences and product offerings," Widerström stated. "Record-breaking months for SI Casino have underscored the strength of the SI brand. However, despite these successes, we've determined that scaling up in the US market to generate positive returns within an accelerated timeframe is improbable."
It's worth mentioning that 888's B2B U.S. division - handling the backend of Caesars' WSOP poker brand - will remain unaffected by these changes.
The enrichment data suggests that 888 Holdings is prevalent in the global online gaming market, with brands like 888casino, 888poker, and 888sport. Currently, it offers SI Sportsbook and SI Casino in states with legalized sports betting and casino gaming. However, future plans are shrouded in uncertainty as the company undergoes a strategic review of its US operations, potentially indicating a shift in focus or even a withdrawal from the US market.
The sports betting app and online casinos of 888 Holdings, which bore the Sports Illustrated name, are parting ways, as disclosed in a recent press release. Furthermore, the company is conducting a strategic review of its American operations, including SI Sportsbook and SI Casino in Michigan, SI Sportsbook in the Colorado online sports betting market and Virginia, and 888casino in New Jersey.
