888 Holdings has announced that it has agreed terms on a deal to sell a portion of its US B2C operations to Hard Rock Digital.
The news of the deal follows yesterday’s announcement that the company was undergoing a strategic review ahead of a rebrand to Evoke plc.
Hard Rock Digital has yet to announce the deal and there are no figures or further details regarding which assets are part of the acquisition. However, 888 has stated that the final completion of the deal is expected to go through is Q4 2024 subject to regulatory approvals.
888 has confirmed that it will continue with its controlled exit of the US. The company’s exit was first confirmed earlier this month when 888 ended its partnership deal with Sports Illustrated that saw it run its sportsbook and online casino platforms.
According to the announcement, the exit of US B2C operations is expected to result in a recurring annualized benefit to Adjusted EBITDA of approximately £25 million from 2025 onwards. £10 million of this figure will then be invested into growth and value creation initiatives.
888 Follows Kindred US Exit
In November of 2023 Kindred announced that it has made the decision to cease all operations in the North American market. A full exit of its Unibet sportsbook and online casino from North American markets is expected to be completed by the end of Q2 2024.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.