One of the leading online gambling operators, 888 Holdings, has announced the signing of a new partnership agreement with Sports Illustrated.
Under the provisions of the latest deal, the renowned operator will have exclusive rights to launch Sports Illustrated online casino and sports betting products. That way, 888 Holdings will further expand its US presence.
Making the Most out of the Renowned Brand
The twenty-year deal with Authentic Brand Group, the owner of Sports Illustrated, was put to paper last Friday. 888 Holdings will pay a licensing fee to its newest partner, while additional payments are expected once the upcoming range of products hits the market.
According to available information, the size of these payments will depend on the number of customers the new sportsbook will have.
The new SI Sportsbook is ready to go live by the start of the NFL season in September. Commenting on the latest move, Itai Pazner, Chief Executive Officer at 888 Holdings, explained the gaming company was looking to get a 5% market share in those states where wagering on sports was legal.
Pazner also said the Sports Illustrated brand would offer its services to gamblers and land-based casinos across the States. He pointed out that many local partners preferred working brands that offered a higher chance of success.
Authentic will have a 4.9% ownership in the new business, with the possibility to increase its stake to 19.9%. Although the new sportsbook will only be available online, there’s an option to use the SI Sportsbook brand in land-based betting locations.
New Products to Debut in Colorado
Colorado is the first state where SI Sportsbook will offer its service, with other states to follow soon. 888 plans to debut the new sports betting brand in the second half of the year. At this moment, the gambling operator has already agreed to provide online gaming and sports betting services in New Jersey, Iowa, and Indiana.
In addition to that, 888 supplies betting solutions for Caesars Entertainment and its World Series of Poker brand.
Authentic bought Sports Illustrated in 2019, in a deal worth $110 million. The popular magazine has been around for more than fifty years, while its websites attract more than thirty million unique visits. 888 hopes to attract many of these visitors to the soon-to-be-launched online sportsbook.
The 888 Holding deal with Sports Illustrated is the latest collaboration between a well-known gambling brand and a media organization. Since the US Supreme Court lifted the ban on sports betting and online gambling in 2018, these segments have turned into very lucrative markets.
So it comes as no surprise that traditional media companies want in on the action. The best way to do so is by partnering with gambling operators from North America and Europe, particularly those with a significant sports betting presence.
We have seen many such deals over the last couple of years. Fox Corporation joined forces with The Stars Group, which is now part of Flutter Entertainment. Another successful partnership is between William Hill, now part of Caesars Entertainment, and CBS Sports.
If you can’t wait for the launch and want to bet on sports right away, we recommend Bovada Sportsbook and Casino.