Online Gaming entertainment company 888 Holdings (888) has agreed a multi-year extension of its exclusive business-to-business poker partnership with Caesars Interactive Entertainment (CIE), sending the shares up 1.6% to 315p.
WORLD SERIES OF POKER
The agreement means 888 will continue to power CIE’s World Series of Poker (WSOP) online poker rooms as the company plans entry into new regulated markets.
The partnership involves 888 supplying its proprietary casino platform and content to CIE’s casino brands including Harrah’s and World Series of Poker in New Jersey.
Subject to regulatory approvals the partnership will allow 888 to gain a presence in new jurisdictions such as Pennsylvania where CIE holds a license.
WSOP is the world’s longest running poker series which sees hundreds of thousands of entrants from across the globe compete for millions of dollars in tournaments which are broadcast live to an international audience.
The partnership includes providing the technology platform for the US market’s only interstate shared liquidity poker network covering New Jersey, Delaware and Nevada.
Having launched the next generation of its software called Poker 8 in Europe in November 2020, the company will now launch in the US. Poker 8 introduces an advanced user experience including new graphics and animations as well as ‘multi-day’ and ‘multi-flight’ tournaments.
Last week 888 said it continued to deliver strong performance with revenues and active customers hitting all-time monthly records in December.
Consequently, the board said it expected to deliver full year revenues and EBITDA (earnings before interest, taxes, depreciation, and amortisation) moderately above prior expectations.