A gaming industry consolidation is coming, and many companies don’t want to be left out. One of such is the 888 holdings companies. Led by Count Israel, the 888 Holdings is among the several companies pioneering the consolidation.
In a statement released, the company mentioned “strategically attractive mergers and acquisitions” as its strategy. The CEO of the company, Itai Pazner mentioned that the company is open to new ideas that will facilitate growth and progress in the short and long term
“We feel that we are in a good position to take part in significant M&A activities, and we’re ready to look and assess any opportunity that comes our way,” he said.
888 was established in the mid-1997. It’s partnership with Delaware Lottery made it very popular in the US. In addition, it also became popular by playing a prominent role in World Series of Poker’s online platform for Caesars Entertainment.
However, the company is looking towards sports wagering as a possible option. The Israeli company has since entered into an agreement with the likes of Authentic Brands Group to create an identity in the sportsbooks category.
In Search For New Grounds
Gibraltar-based 888 has a small market capitalization of around$2 million. This is small relative to the market cap of other companies.
Despite the low nature of the capitalization, the company is still a key player in the consolidation rumors. For example, the company is seen as one of the leading contenders for William Hill’s international market space. Caesars Entertainment will present the winner of those markets before the ending of the year.
Should 888 emerge the winner of those market spaces, it would propel the company to greater heights, and cement its place as one of the major European ventures. The company garnered as much as 62 percent of its revenue in the first half of 2021 from UK, Spain and Italy. The company is hoping to consolidate its presence in the US by entering into 15 states before 2024.The company is already at New Jersey, Iowa and Indiana.
We know little about the companies in the US, 888 is interested in. However, the company is known to acquire companies. In 2019, the country company acquired two companies, with emphasis on small deals rather than big expensive deals.
Despite its acquisition spree, there is the fear that 888 might be a target for other companies especially Las Vegas Sands. Should this happen, this will be the classic case of the hunter becoming the hunted. However, there have been little or no news regarding such rumors in the last few months.
The company is licensed in the UK, and Gibraltar, and it holds special permits in several places such as Denmark, Spain and few states in the US.