Sports Illustrated enters online sports betting market with 888 Holdings
888 Holdings has obtained exclusive rights to Sports Illustrated for sports and casino wagers online, the latest in a flurry of deals in the fast growing business.
888 inks partnership with Sports Illustrated.
888 will pay a licensing fee to the owner of Sports Illustrated, Authentic Brands Group, and additional funds based on the number of customers.
Sports betting in the U.S. has exploded since the Supreme Court began allowing such wagers outside of Nevada in 2018. Some 21 states now offer wagering and nine more have legalized it but have yet to implement it.
The agreement with Authentic Brands lasts for up to 20 years and includes the potential to be used in physical locations, according to a person with knowledge of the matter. It gives Authentic a 4.9% stake in 888’s U.S. business, said the person, with options to increase its ownership to 19.9%.
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888 expects to launch SI Sportsbook wagering in Colorado in the second half of 2021, with other states to follow.
The online gambling company operates betting sites in the U.S. under the 888 brand and provides betting technology for Caesars Entertainment’s World Series of Poker brand.
Traditional media companies such as Fox Corp. and Sinclair Broadcast Group have been pairing up with casino and online operators to capitalize on the market’s potential.
888’s revenue soared 52% to a record $850 million last year, driven in part by a surge in online betting during the pandemic. About 12% of its sales came from the U.S.
Editing by Rachel Hu
