888 Obtains iGaming License For Portuguese Market

A public company and legitimate owner of several popular gambling brands, 888 Holdings Group, has strengthened its European footprint by launching websites in Portugal, a report reads. The operator has been awarded an iGaming license by Regulação e Inspeção de Jogos (SRIJ) only a couple of days after a report from the regulatory body revealed positive financial results in 2018.

The newly acquired gambling permit will enable the operator to roll out a larger portfolio of online slots, card games and of course, poker variants.

Pooling Players From Spain

Going live in Portugal will also be beneficial for players from Spain, who will also be able to play on 888 websites through the “liquidity sharing agreement” that interlinks the markets, including France and Italy.

Furthermore, the Gibraltar-based gambling company has recently obtained another approval to offer its gaming suites, as it joined the regulated Swedish market on January 1st, 2019.

Also, the entrance into the Portuguese gaming market is actually the operator’s 16th application that allows it to operate globally. Itai Pazner, the newly introduced chief executive has issued a statement regarding the forthcoming launch:

“This latest licence approval is another important step in 888’s growth strategy which is focused on diversification and expansion across regulated markets.

The launch of the flagship 888Casino brand in Portugal provides good growth opportunities for 888 and we are also very excited about the forthcoming launch of the group’s European interstate poker network which will pool players across Spain and Portugal and deliver them a first-class poker experience on 888’s new Poker 8 platform.”

Apart from the aforementioned marketplaces, 888 is currently present in the United Kingdom, Denmark, Ireland and Romania, but also across the Atlantic Ocean, in Nevada, New Jersey and Delaware.

Bolstering The Poker Network

Another key point in this story, is that 888 Holdings Plc recently purchased the 53 percent interest in the All American Poker Network for $28 million. This acquisition marks a momentous milestone for the company, as it will spark further strategy expansions in the US and possibly Europe.

Itai Frieberger, chief executive comments:

“The acquisition of the remaining stake in AAPN is an important strategic step towards 888 achieving its exciting long-term potential in the US. 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. This acquisition places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.

The AAPN joint venture has been a very successful endeavour for the Group. It has afforded us the flexibility and financial capability to build a position in the regulated US market over the last five years whilst also investing in other global regulated markets. I would like to thank Avenue Capital for being fantastic partners in this venture since 2013.”

The settlement allows the group to deliver its catalogs to multiple potential marketplaces and open possibilites to develop new strategic distribution deals.

Source:

“888 secures igaming licence in Portugal”, igamingbusiness.com, January 29, 2019.