After it failed to attract Sports betting customers, 888 aimed to focus the brand more on online casino games, where smaller players in the market are usually more profitable. However, American states have been slower to legalise those games.
888 will now cut its losses, launching a review that could lead to a sale, “controlled exit”, or “other possible strategic transactions” for its American arm. It will “part ways” with Sports Illustrated, which has faced difficulties of its own on the publishing side this year, with waves of layoffs and fears that it could stop printing entirely.
The betting giant will pay $25 million up front and another $25 million between 2027 and 2029 to terminate the partnership.
888 also offers some business-to-business services in the US, which will not be part of the review.
888 boss Per Widerstrom said: “Since commencing my role as CEO I have been focused on ensuring the Group is set up to deliver strong value creation in the coming years. In the US, the intensity of competition and requirement for scale means huge investment is required to reach profitability.