An online gambling company that has been in the news a lot recently, most notably for its acquisition of William Hill’s non-US assets from Caesars Entertainment, 888 Holdings has now secured a sports betting license in the US.
This will allow them to operate in the state of Virginia as of 2022, after being awarded a license from the Virginia Lottery as it looks to make its mark in what is being predicted to become the largest online gambling market in the world over the next few years.
It certainly is a signal of intent from the Gibraltar based company, who after reaching an agreement to buy William Hill, are going to have even more expertise and resources at their disposal to challenge other major brands.
888 already established in the US
Compared to some US states, Virginia is seen as much smaller in terms of growth potential, however, it will help to add to the overall potency of the 888 brands, in a state where they could become the major operator if everything is in place.
Currently, 888 has licenses to operate in several other states across the US, which include New Jersey, Pennsylvania, Michigan, Indiana, Colorado, Iowa and Nevada and, as a result, this has helped to strengthen their appeal to the Virginia Lottery.
With foundations already firmly in place, there should not be too much difficulty for the company to make its mark in Virginia, especially where competition should be low. Currently, 888 enjoys a successful partnership with US-based Sports Illustrated, which has made the company’s entry into the US possible.
In terms of European-based operators, 888 is a particular standout in the US, which should be able to become one of the more popular brands, though there is still stiff competition if they are aiming for market domination.
How significant is Virginia?
In terms of market impact, securing a license for Virginia may not make too much of a difference to the company’s overall balance sheet, however, it puts them closer to the likes of North Carolina, where it has only just been made legal to place a bet, but only in a licensed premise, such as the grounds of a sports franchise.
What this means is that 888 will be able to see how many of the wagers placed are from those who are residents of North Carolina, but who have made the trip across the border to place a bet with their brands.
As such, if and when North Carolina approves online gambling in its entirety, it will give 888 valuable data as to whether applying for a license in the state will be worth it and also potential marketing strategies.
What is also interesting is why 888 earmarked Virginia, due to the fact that it does not have any US sports franchise, considering that most online sportsbooks operate in states where there are many and as such strike sponsorship deals. However, regardless of this, the data that it collects could be interesting in terms of the split between sports betting and online casino.
Written for Onlinecasino-Australia.com by Martin Jones - Published on 10-12-2021