888 and Caesars ink US commercial agreement
888 Holdings made its latest stride towards operating in a regulated US online poker landscape by extending their commercial agreement with Caesars Interactive Entertainment (CIE). Dragonfish, the British firm’s independent B2B arm, agreed the deal that was announced early this morning and it means the firm will power CIE’s “established and recognized poker brands” when regulation happens at either state or federal level.
Brian Mattingley, deputy chairman at 888, stated: “888 has taken a prudent approach to regulation, which culminated in the successful review conducted by the NGC, putting 888 and Dragonfish in pole position for the US market. This gives us a strong platform to roll out our cutting edge, turnkey solution to other potential partners as the market opens.
“We are delighted to be extending our relationship with CIE into the much-anticipated US market, and we are proud to be providing them with the technology and tools to leverage and monetise their powerful brand.”
The company Mattingley heads has already handed the Nevada Gaming Control Board a service provider licence application and will be hopeful they endorse of this deal given the Nevada Gaming Commission approving the original 888/Caesars tie up.
Mitch Garber, CEO and Caesars, added: “888 has been successfully driving the World Series of Poker brand in the UK for the past three years, and with current momentum toward either a Federal or State by State regulatory environment, 888 is uniquely positioned to support either outcome, without delay.”
We’re starting to see justification of Panmure Gordon getting so excited over 888 shares in the post-Xmas/pre-NYE window. They’re also of the opinion the Department of Justice (DoJ) won’t go after the firm for taking pre-UIGEA bets. If this is the case it will be quite the turn around for a firm that last-April was reeling after failing to doll itself up sufficiently to get Ladbrokes into the sack. It now leaves Lads CEO Richard Glynn red-faced. The realization for both 888 and CIE is that persisting with the only post-Black Friday partnership to survive was in the best interests of both parties. That’s if the DoJ doesn’t decide to go after 888, which is starting to look less likely. We’ll know more once the markets open in Europe and react to the 888/Caesars vow renewal. For now 888 looks to have escaped the shit of 2010/11 and is living up to the adage with the smell of roses emanating from their direction.