Home Technology Gambling giant 888 to quit the US market

Gambling giant 888 to quit the US market

Gambling giant 888 to quit the US market


In a time when the US is experiencing a sports betting boom, the gambling giant 888 has announced they’re set to be leaving the market.

In an update from this morning (Mar. 6) on the London Stock Exchange, the firm has announced a ‘strategic review of its US B2C operations.’

Currently, 888 is active in four states, with SI Sportsbook and SI Casino in Michigan, SI Sportsbook in Colorado and Virginia, and 888casino in New Jersey.

The company has seen huge success in the UK and other countries like Israel, Portugal, Spain, Sweden, Italy, and more, with 888 Holdings plc owning brands such as 888casino, 888poker, Mr Green, 888sport, and William Hill.

The international sports betting company goes on to explain the reasonings behind taking a thorough look at their US arm: “The gross profit margin in the US is lower than the group level, reflecting significant direct costs of operating in the market including duties, market access fees, and license fees, in addition to intense competition from well-capitalized incumbent participants.”

As they go forward, they’ll be looking at all ‘potential alternatives that can deliver value for the business,’ which could include the sale of the Group’s US B2C business, the controlled exit of US B2C operations, or other possible strategic transactions.

CEO of 888, Per Widerström said: “…we have concluded that achieving sufficient scale in the US market to generate positive returns within an accelerated timeframe is unlikely.”

US sports betting boom continues

Online betting has been on the rise in the US since the 1992 ban on sports betting was overturned in 2018. Before this, anyone who wanted to bet on sports legally had to travel to casinos in Nevada or three other states which were exempt from the ban.

Now, punters can legally take part in some form of sports betting in 38 states and you can do so online in 25 jurisdictions.

Since betting was legalized, Americans have gambled more than $245bn. In 2022, over 25 million people engaged in sports betting in the US, with the figure forecast to increase by 47 percent by 2025.

Featured Image: Via Ideogram.ai

Sophie Atkinson

Freelance Writer

Sophie Atkinson is a UK-based journalist and content writer, as well as a founder of a content agency which focuses on storytelling through social media marketing. She kicked off her career with a Print Futures Award which champions young talent working in print, paper and publishing. Heading straight into a regional newsroom, after graduating with a BA (Hons) degree in Journalism, Sophie started by working for Reach PLC. Now, with five years experience in journalism and many more in content marketing, Sophie works as a freelance writer and marketer. Her areas of specialty span a wide range, including technology, business, marketing, and finance.


Source link

Previous article The Galaxy Tab S9 just destroyed the iPad Air on price
Next article Dean Phillips Issues A Kind Endorsement Of Biden As He Drops Out
Harmony Evans is an award-winning author of Harlequin Kimani Romance, African-American romance, and so on. Harmony Evans is an award-winning author for Harlequin Kimani Romance, the leading publisher of African-American romance. Her 2nd novel, STEALING KISSES, will be released in November 2013. Harmony is a single mom to a beautiful, too-smart-for-her-own-good daughter, who makes her grateful for life daily. Her hobbies include cooking, baking, knitting, reading, and of course, napping and also review some of the best-selling and popular brands and services in the market and also write comprehensive blogs.


Please enter your comment!
Please enter your name here