The Jersey shore just welcomed another guest.
London-based 888 Holdings PLC has announced it has agreed to partner with Caesars Interactive Entertainment, leveraging its years of experience to gain a foothold in a potentially massive US online gambling market. “We are extremely well positioned in the US and are working with the regulators in Nevada, Delaware, and New Jersey as these three states become ready to open,” CEO Brian Mattingley delivered in a statement. The agreement with Caesars will allow 888 to launch a business to consumer casino and poker product, a move that has international banking group Investec PLC giving a big thumbs up.
According to Investec, 888 Holdings stock had been given a “buy” rating because it has demonstrated “strong and consistent revenue growth, as well as exceptionally attractive US profit opportunities that have been materially improved following today’s announcement with Caesars.” The report goes on to remind investors that any benefits provided by the foothold in the US onling gambling market will likely not be seen until FY2014.
888 Holdings PLC is a publicly traded, London-listed company that operates several high-profile online gambling websites. It was founded in 1997.