Online gaming operator 888 Holdings has just got into a partnership agreement that will see it set up shop in the US in a bid to capitalize on the Expanding American online gambling sphere with legislation regulating it starting to ease. The UK based operator, running a sportsbook, casino, online poker and bingo games has partnered with investment firm Avenue Capital Group to create a different entity that will be called All American Poker Network.
Other joint ventures that 888 Holdings is in with is Caesars, who own 4 casinos in Atlantic City and another with casino gaming designer and maker, WMS. Meanwhile their competitor party has joint ventures with Boyd Gaming and MGM.
Through the All American Poker Network, 888 said that they would be able to start their brand within the US after they secure Federal regulation approval and a license is granted. The funding would be provided by their partner, Avenue Capital, but it is not clear to want tune as 888 did not want to place a figure.
In a statement by Brain Mattingley, 888 CEO, he said that the deal was perfect for the company as it would provide for them a platform to complete their wider strategy by setting up their business- to customer brands in the American market.
It is only last month that the legislators in New Jersey Passed in to law a bill that legalizes online gambling. The state was following the footsteps of the state of Nevada and Delaware which have already passed into law online gambling. The legislation passed by New Jersey permits only land based casinos to seek a license to operate online poker and casinos.
The 888 Holdings share price rose to 166.75p which is a 5.2 percent rise after it announced on Monday that it would be partnering with Las Vegas Based casino group, Treasure Island, to start a new online poker company in the state of Nevada. Investec analyst, James Hollins, said that the announcement made today is a positive indicator to buy into the 888 stock, though he pointed to the fact that returns would be pegged by the implementation of state online gaming.
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888 Set to Start a US online Gambling Brand
Other joint ventures that 888 Holdings is in with is Caesars, who own 4 casinos in Atlantic City and another with casino gaming designer and maker, WMS. Meanwhile their competitor party has joint ventures with Boyd Gaming and MGM.
Through the All American Poker Network, 888 said that they would be able to start their brand within the US after they secure Federal regulation approval and a license is granted. The funding would be provided by their partner, Avenue Capital, but it is not clear to want tune as 888 did not want to place a figure.
In a statement by Brain Mattingley, 888 CEO, he said that the deal was perfect for the company as it would provide for them a platform to complete their wider strategy by setting up their business- to customer brands in the American market.
It is only last month that the legislators in New Jersey Passed in to law a bill that legalizes online gambling. The state was following the footsteps of the state of Nevada and Delaware which have already passed into law online gambling. The legislation passed by New Jersey permits only land based casinos to seek a license to operate online poker and casinos.
The 888 Holdings share price rose to 166.75p which is a 5.2 percent rise after it announced on Monday that it would be partnering with Las Vegas Based casino group, Treasure Island, to start a new online poker company in the state of Nevada. Investec analyst, James Hollins, said that the announcement made today is a positive indicator to buy into the 888 stock, though he pointed to the fact that returns would be pegged by the implementation of state online gaming.
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