Contacts
William Bolton Editor
April 2024 Comment
Another One Bites The Dust. After terminating an agreement with Authentic Brands Group to use its Sports Illustrated moniker at a measly cost of $50m, 888 has sold its US B2C operations to Hard Rock Digital. In 2023, its US business generated circa £20m of revenue and recorded an adjusted EBITDA loss of £12m, according to estimates by investment banking group Jefferies. Subsequent to the sale, it expects to incur cash costs of £40m in relation to the US exit. 888 has also rebranded the corporate umbrella for William Hill, 888 and Mr Green as ‘Evoke’ to “better reflect the strength of the Group’s multi-brand operating model and its vision and mission to make life more interesting by delighting players with world-class betting and gaming experiences.”
LEADING BETTING OPERATORS IN THE US ARE IN A DIFFERENT LEAGUE AND PROFITABILITY LOOKS UNLIKELY FOR ANYONE OUTSIDE THE VAUNTED FEW.
The leading sports betting and gaming operators in the US market are in a different league and profitability looks increasingly unlikely for anyone outside the vaunted few. FanDuel and DraftKings are the clear market leaders, with BetMGM making up the podium positions. 888's move should be seen in the context of increased concentration and consolidation in the US market, something that Berenberg analysts noted last year.
Many of the smaller sports betting operators have exited, divested, been acquired, or changed strategy in the US. This is reflected by Kindred - currently in the process of being acquired by La Francaise des Jeux – saying in November that it would pull out of North America as part of a "re-allocation of financial and tech resources towards existing core markets". Fanatics beat DraftKings to acquire the US operations of PointsBet last year, while Golden Nugget Online Gaming and theScore were purchased by DraftKings and Penn back in 2021. Who’s next?
EDITORIAL ADVERTISING G3 Editor
William Bolton
william@gamingpublishing.com +44 (0)7714690817
G3Newswire Editor Phil Martin
phil@gamingpublishing.co.uk +44 (0)7801 967714
Deputy Editor Karen Southall
karensouthall@gmail.com
Managing Director Lewis Pek
lewis@gamingpublishing.com
International Reporter James Marrison
Commercial Director James Slattery
james@gamingpublishing.co.uk +44 (0)7814227219
Advertising Executive Alison Dronfield
alison@gamingpublishing.co.uk +44 (0)1204 410771
Advertising Support Executive Jodie Pek
jodie@gamingpublishing.co.uk
Digital Marketing Assistant Lauren Mellor
lauren@gamingpublishing.co.uk
Chairman John Slattery
john@gamingpublishing.co.uk +44 (0)7917166471
PRODUCTION CONTRIBUTORS
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Production Manager Paul Jolleys
Commercial Administrator Jennifer Pek
Subscriptions Manager Lisa Nichols
Paul Rees, Eric Walla, Dave Giles, Marcel Heutmekers, Annalisa Bloss, Emily Stratton, Kim Rogers, Sergiy Schelkov, Oleksii Kulish, Andre Filipe Neves, Allan Stone, Aregnaz Hakobyan, Max Wright, Matt Restivo, Christoffer Gronlund, Catalina Rojas, Arwell Huws.
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