888 Holdings Acquires Remainder Of AAPN
Make no mistake: the US has its own unique set of challenges. No country is exempt from having to fight its daily battles. But for all purposes worthy of public mention, the United States is and remains a land of promise and massive potential. Online gambling operator 888 Holdings is obviously not blind to the potential that the US holds for business, as the company has recently acquired the last of the 53% remaining shares in All American Poker Network (AAPN).
By doing so, 888 has positioned itself for major US expansion. A total consideration of $28 million is now payable for the remaining shares and the company has said that this will be settled in cash.
US Market Has Magnetic Appeal
The All American Poker Network was established in 2013 as a joint venture between 888 Holdings and US partner Avenue OLG Entertainment LLC. The initial purpose of the joint venture was to enable 888 to get a head start in New Jersey’s at-the-time newly regulated online gambling market.
888poker and 888casino went live in New Jersey during the fall of 2013, and the group is now keen to ensure further expansion into the lucrative market. According to a press release confirming the details of the acquisition, a spokesperson for 888 has said that the acquisition of the shares not previously owned or controlled by the group, will ensure that the company will now have independent control of its US growth strategy.
Operators have been battling it out for an opportunity to enter the US market, especially since the amendment to sports betting legislation that saw sports betting legalized in the US in May of this year. So far, 8 states have come on board, with many more expected to follow in 2019.
Full Commercial Licence
888 has played its cards well since the turn of the tide and has in the meantime signed a sponsorship agreement with the New York Jets. The agreement marks the first of its kind between a major online gambling corporation and a NFL franchise.
As confirmed by 888 CEO Itai Frieberger, 888’s total control of the newly acquired venture will ensure proper and full commercial flexibility for the group. What this means, in short, is that 888 will now no longer have to run every decision past a business partner first, but will be in full control of all of its executive decisions.
It’s the kind of freedom that every enterprise hopes for.