888 to launch sports betting in Indiana, Colorado and Iowa in 2021

UK-based 888 Holdings said Wednesday it has signed three multi-year deals to launch in the U.S. states of Colorado, Indiana and Iowa next year.

The gambling group also said its annual core profit and revenue will exceed its prior expectations, the company’s third forecast raise this year, as it benefits from a shift to online betting amid coronavirus restrictions. Revenue is expected to be approximately 45% ahead of 2019.

“(Second-half) performance continues to reflect strong FTD (first time deposit) trends in line with the Group’s recreational customer focus as well as the structural shift towards online services being seen across several consumer-facing industries,” Chief Executive Officer Itai Pazner said in a press release.

The US launch will initially be under the 888Sport brand for 2021. It will be operated under the licence of the Colorado Grande Casino, in Colorado; under licence to Catfish Bend Casinos in Iowa; and in Indiana it will operate under an agreement with Caesars Entertainment owned Harrah's Hoosier Park. Following these launches, the company will increase the number of states where it has a presence to 6. The company is increasing investment into the US amidst new gaming regulations in Germany. In its last fiscal year, 888 saw a 90% surge in revenue in the United States.

Yaniv Sherman, SVP Head of Commercial Development at 888, commented: "Expanding 888Sport.com into these three states represents another major milestone in our ongoing growth across the regulated U.S. online gaming market. We have deployed our proprietary technology in the U.S., and our exciting pipeline of new products will deliver industry-leading propositions to customers across both our B2B and B2C operations. We continue to appraise strategic partnerships that will provide additional brand-building and market access opportunities for 888 across the U.S. market in the near future."

The company’s shares were up 2.4% at 279 pence by 1252 GMT, extending a near 70% jump so far in the year, Reuters reports. Given its plans to invest more in the market next year, 888 said its 2021 expectations were unchanged.