888 Looks to Speed Up Expansion in the US
There might not be too many bargains to be had right now, but 888 has its eyes firmly on finding bargains in New Jersey and around the US that would help its expansion plans with online gambling.
888 is currently in a very strong position and is looking to strengthen this in the coming months. As such, they will be launching new processes. These processes may take some time overall, but there should be plenty of new opportunities in the coming months.
A Strong Position
Financially, 888 is in a very good position, with around $100 million in cash at the end of 2019. What’s more, the site doesn’t rely mainly on sports betting.
So, the hold on sports at the moment hasn’t affected 888 as much as some other online gambling sites. Indeed, sports betting accounted for only 16% of 888s revenue in 2019. The company has also seen a rise in its poker and casino revenues due to people spending more time indoors.
Part of 888s strategy in New Jersey and the US is that of inorganic growth. As such, it will be looking to buy out smaller companies that are struggling, as well as partnering up with land-based companies and certain media outlets.
888 certainly does bring a whole lot of experience and unique assets with it to the US and would have plenty to offer partners in New Jersey and other US gambling states. In fact, a number of New Jersey casinos have expressed an interest in digital companies such as 888.
A Growing Company
All and all, 888 is already showing good growth in the US. Revenue from states such as New Jersey increased 7% last year to $51.7 million. Yet, in the coming year, 888 is looking to take the top spot for online poker in the US, largely because of the popularity of its WSOP association. It’s also launching Poker 8 tech, which is already successful in other markets.