An announcement was made this week by the Gibraltar-based online gambling group 888 Holdings that in pursuing its strategy for the United States it has closed a new joint venture deal with the major global investment firm Avenue Capital Group to launch and operate a comprehensive B2C gaming offering in the US market upon regulation.
It has been specified that the newly formed company, incorporated in Delaware and dubbed All American Poker Network (AAPN), will go live with 888's brands in the US market using the company's proven gaming platform immediately as either federal or state-based regulation is passed and licensing obtained from gaming authorities.
Also, thanks to 888's business association with Treasure Island, the Treasure Island poker enterprise will be launched through the All American Poker Network, and at the same time, AAPN will provide 888's award-winning poker and back office platform to Treasure Island once the appropriate license is obtained.
According to Brian Mattingley, CEO of 888, "This is the perfect deal for 888, providing the ideal platform through which to launch our B2C brands into the US market, once regulated.
"Our WSOP agreement with Caesars gives us an excellent B2B deal with one of the largest global gaming brands and most prominent casino operators, and we also have a strategic alliance with one of the largest gaming machine manufacturers in the world, WMS. We now have a significant financial partner for our leading B2C product - the final piece in the jigsaw, completing our US online strategy.
"The agreement sees a leading US financial institution backing one of the largest gaming platform operators in the world, joining forces to tackle a potentially huge market. Working with a substantial financial partner provides the firepower that we need to take advantage of the significant opportunities that will be provided by a regulated US gaming market, and we are enormously excited by the opportunities that it will provide.
"The partnership with Treasure Island, a top tier casino property and operator in Las Vegas, is a further step forwards and another vote of confidence in our technology and people. We are well positioned to become a market leader in Nevada and other states as they regulate online poker going forward."