888 Acquires Remainder of All American Poker Network for USD$28m
Online gaming operator 888 has announced its acquisition of the remaining 53% shares in All American Poker Network (AAPN).
888 started AAPN in 2013 as a joint venture with Avenue OLG Entertainment with the aim to establish its online gambling presence in New Jersey. The latest acquisition means 888 US and 888 US Holdings have gained full control of the American-focused online poker network.
888 made the latest move so that it can have independent control of its expansion in America, such as forming future partnerships and continuing to introduce its proprietary products in soon-to-be-regulated states.
The acquisition was achieved with a consideration of USD£28 million. The sum will be paid in cash, with USD$10 million immediately payable. 888 will pay the remaining USD$18 million by 31st March 2019.
“The acquisition of the remaining stake in AAPN is an important strategic step towards 888 achieving its exciting long-term potential in the US,” stated 888’s CEO Itai Frieberger.
“Taking outright ownership of AAPN gives 888 additional operational, technological and commercial flexibility to develop innovative and exciting new partnerships and launch in new states – through both B2B and B2C channels – as and when future regulation allows.”
Cementing Itself in US Gambling Market
In September this year, the operator launched its sports betting brand 888sport in New Jersey, strengthening its position in the States, especially in the country’s new sports betting market. 888 has also signed a sponsorship deal with NFL club New York Jets. The partnership was the first of its kind between an online gambling firm and an NFL franchise.