888 to Enter Colorado, Iowa & Indiana Sports Betting Markets
International gaming company 888 Holdings, which operates 888sport in the U.S., announced Wednesday it will be entering the Colorado, Iowa and Indiana sports betting markets in 2021.
With the three additions, 888 will now be in six states, having already entered the Delaware, Nevada and New Jersey online casino gambling markets. 888Holdings is based in Gibraltar and is listed on the London Stock Exchange.
The company said it has reached multiyear agreements with Grande Casino in Cripple Creek, Colorado; Catfish Bend Casinos II LLC in Burlington, Iowa; and Caesars Entertainment’s Harrah's Hoosier Park in Anderson, Indiana, about 30 miles northeast of Indianapolis.
“We are delighted to sign these agreements with three great partners — the Colorado Grande Casino, Catfish Bend Casino II LLC, and Harrah's Hoosier Park — that will enable 888 to bring its first-class online sportsbook to bettors in Colorado, Iowa and Indiana,” Itai Pazner, 888 chief executive officer, said Wednesday in the announcement. “The U.S. online betting and gaming market has huge growth potential, and we continue to build a strong platform for growth across both our B2B and B2C operations.”
Along with the sports betting announcement, 888 also said it had a strong operational performance during the second half of the year, with revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) expected to be ahead of previous expectations. It said revenue is expected to be 45% ahead of last year, while the adjusted EBITDA margin for the period is expected to be 18.5%.
“Expanding 888sport.com into these three states represents another major milestone in our ongoing growth across the regulated U.S. online gaming market,” Yaniv Sherman, senior vice president and head of commercial development for 888, said in the release. “We continue to appraise strategic partnerships that will provide additional brand-building and market access opportunities for 888 across the U.S. market in the near future.”
It entered the New Jersey market in 2018, partnered with Caesars Atlantic City. In Delaware, it extended its agreement over the summer with the Delaware State Lottery, which oversees gaming in the state, until 2022.
Strong US Sports Betting Markets
The sports betting markets In Colorado, Iowa and Indiana are growing. They have set sports handle records the past three months.
Colorado announced on Monday that it had an October total sports handle of $210 million, up about $3 million from September. The market launched on May 1 and has grown each month.
Indiana sports betting handle in October was $230.9 million, up 11.3% from September’s $207.45 million. Iowa had $81.9 million in October handle, a 13.1% increase over its previous record in September.
As a whole, the U.S. sports betting market is expected to surpass $3 billion in total handle in October. It is at nearly $2.9 billion with Illinois, which had about $305 million in September handle, yet to release its October figures.
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