888 targets H1 2021 for proprietary US sportsbook rollout
CEO Itai Pazner says potential US partnership must enhance the firm's chance to win market share
888 is aiming to bring its new ‘Spectate’ sportsbook platform to the US in H1 2021, while targeting potential launches in three or four new states.
Spectate was developed out of the former Dublin-based BetBright business, which 888 acquired for £15m in March 2019.
888 rolled out its 888sport.se domain in the Swedish market in April 2020 following a 12-month integration and has been “encouraged” by customer feedback following the resumption of major sports events in June.
888 enjoyed a stellar H1 in Sweden, where revenue increased 123%.
The operator is also in the process of developing ‘Upfor8’, a free-to-play prediction game similar in concept to Fox Bet’s ‘Super 6’ classic.
“We’re very excited about our prospects in sport in general,” 888 CEO Itai Pazner told EGR.
“This will be a significant milestone for us in that we are moving around 70% of our business onto the new platform.
“There’s a lot of AI and personalization and it’s going to be a very fast and responsive product. We know how fast you are and how responsive your site is extremely critical for sports bettors.”
In its H1 2020 results this week, 888 reported a 64% year on year rise in revenue from the Americas, where US revenue jumped 90%. The group performed particularly well in New Jersey, where B2C revenue grew by 85% and FTD numbers increased by 76%.
“I think we’re definitely in a good position to take part in this very, very big opportunity that is the US,” Pazner said.
He said the firm was still searching for the right media partner to help increase its US presence.
“It’s either going to be big media firms with strong brands that are relevant to sports or gaming, or at the other end of the spectrum, potentially significant local gaming companies that have local licenses and strong brands,” Pazner added.
“However, these kinds of partnerships are complex, they need to be carried out in the right way and in a true partnership where both parties think alike and see the US opportunity in the same way.
“That’s not always easy to identify and therefore we will only do a deal like that if it’s the right deal for us. There is no pressing need to partner up,” he added.
888 has also reportedly signaled interest in taking on William Hill’s European online business with Caesars keen to divest its non-US assets in its $3.7bn with Hills.
The operator has the opportunity to “leverage a strong balance sheet to pursue non-organic expansion” through acquisitions, according to the H1 results.