888 Holdings to sell US B2C operations to Hard Rock Digital

Posted on: March 30, 2024 06:54 PDT

Just three weeks after 888 Holdings plc ended its branding partnership with Sports Illustrated, the company has completed its promised review of its US-facing B2C (Business-to-Consumer) operations, the company has announced its sale of its total US-facing assets to Hard Rock Digital.

The sale is contingent upon regulatory approval, but in its notice to investors, 888 believes the sale will be completed and approved by the end of the calendar year. 888 will incur £25 million in one-time expenses in selling off the US-facing assets, but it also believes the company will achieve a benefit of £25 million per fiscal year, beginning in 2025, from the financial savings to be derived from exiting the US B2C segment.

Hard Rock Digital is the online arm of the Hard Rock brand owned by the Seminole Tribe of Florida, and already operates in several US markets under the Hard Rock Bet brand. Hard Rock Bet is available in seven states, and it also offers online casino gaming in New Jersey.

Hard Rock Digital has yet to issue a statement regarding the sale, though the company's current online services have an overlap in states where 888 also operates. The acquisition is thus more about increasing market share in those states. The brief announcement from 888 does not detail whether Hard Rock Digital will acquire any branding rights in the deal. 888 owns such well-established as William Hill and 888 (which already have toeholds in the US), Mr. Green, and others.

The US-facing selloff comes as 888 also announced its plans to change its name to Evoke plc, which it believes will better represent its mutli-brand model, including moves toward more automation and the use of AI. The move could retire the 888 brand name as well, which has existed for decades.

Featured image: Facebook / Seminole Hard Rock Tampa