888 stops operations ahead of SI sportsbook launch in New Jersey,
888 will no longer accept or offer sports betting in New Jersey, as it prepares for the launch of its Sports Illustrated-branded sportsbook in the state.
US.- The UK’s 888 Holdings has announced that its 888Sport brand has stopped offering sports betting in New Jersey as it prepares to launch its regulated Sports Illustrated-branded sportsbook in the state. The online gaming and betting operator announced the launch of the SI sportsbook in June.
888Sport launched in New Jersey in 2018. Customers can withdraw any remaining funds, and open bets will be honoured.
The agreement between Sports Illustrated, the publishing most famous for its magazine, was the result of a deal between 888 and Authentic Brands Group (ABG), which acquired Sports Illustrated from Meredith Corporation in 2019 for $110m. Under the deal, 888 will pay a licensing fee to the owner of Sports Illustrated, ABG, and additional funds based on the number of customers.
The agreement will last for up to 20 years and includes the potential to be used in physical locations. It gives Authentic a 4.9 per cent stake in 888’s US business with options to increase its ownership to 19.9 per cent. SI Sportsbook has already launched in Colorado and will also launch in Iowa and Indiana.
At the time of the partnership, Yaniv Sherman, 888’s senior vice president and head of operations in the US, said: “By partnering with Sports Illustrated, we have created a strong platform that enables us to build our US position through Sports Illustrated’s extensive brand footprint.
“This provides an opportunity to cost-effectively acquire customers and build a profitable business over time.”
See also: Sports Illustrated in deal with 888 to offer online betting products
