The famous editorial brand has reached an agreement with the sportsbook to develop a Sports Illustrated casino and online betting products.
US.- Sports Illustrated, the editorial brand known for its magazine, will enter the sports betting business through an agreement with online gambling operator 888 Holdings Plc.
According to Bloomberg, the sportsbook has obtained exclusive rights to the Sports Illustrated brand for sports and casino wagers online.
Under the deal, 888 will pay a licensing fee to the owner of Sports Illustrated, Authentic Brands Group, 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.
888 expects to launch Sports Illustrated Sportsbook wagering in Colorado in the second half of 2021, with other states to follow.
It operates betting sites in the US under the 888 brand and provides betting technology for Caesars Entertainment Inc.’s World Series of Poker brand. Its revenue soared 52 per cent to $850m last year, driven in part by a surge in online wagering during the Covid-19 pandemic. About 12 per cent of its sales came from the US.