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888 Holdings PLC, also known as 888.com, is the parent company of a slew of well-known gambling brands and websites. The headquarters of 888 can be situated in the British territory of Gibraltar. As a component of the FTSE 250 Index, it has its shares traded on the London Stock Exchange.
History
In May 1997, Israeli entrepreneurs Avi and Aaron Shaked and Shay and Ron Ben-Yitzhak, two sets of brothers, established Virtual Holdings Limited, which was renamed in January 1998 to reflect the company’s new name. Upon the launch of Casino-on-Net, the company’s first website, the establishment of the company’s administrative center in Antigua was also accomplished. Reef Club and Pacific Poker are the two casinos that first opened their doors in 2002. In 2003, Gibraltar was chosen as the new location for the organization’s administrative center.
It went public for the first time on the London Stock Exchange in 2005, marking the business’s debut as a public corporation. 888 Holdings began combining its businesses and brands under the single “888.com” moniker in early 2006, at the same time as other privately held online gambling companies were transitioning to public ownership.
Pacific Poker was operated by 888 Holdings in the United States until online gambling was outlawed in the nation in 2006 by the Federal Trade Commission. At the end of 2006, 888.com and Ladbrokes revealed that they were in negotiations about merging. However, the businesses announced in April 2007 that both parties had reached an amicable agreement not to proceed with the discussions due to recent changes in UK tax regulations and concerns about legal action by the United States government.
In March 2007, 888 announced that it had purchased the Bingo segment of Globalcom Limited for a cash payment of up to 43.4 million dollars. During the first six months of the year, the company’s bingo business generated $14 million in sales.
Between July 2010 and February 2012, 888.com’s peak player counts more than tripled, propelling the company to the fourth spot on the list of poker networks in April 2012. According to reports published in February 2015, the British gaming company William Hill was in “advanced talks” to purchase 888 Holdings for $1.47 billion (£750 million). Due to these developments, the company’s stock price has grown by 18%.
The government of Gibraltar has granted the company permission to operate as a gambling establishment. Company 888 owns and operates a large number of gambling websites in line with the terms and conditions of its gaming license (both for real money and educational sites). The 888 Holdings company declined a takeover proposal for 700 million pounds in 2014. Because of the increased number of mobile consumers visiting the company’s websites in that year, revenues began to climb, and the company’s websites had 17.8 million paying clients.
Concerns over the United Kingdom’s withdrawal from the European Union (Brexit) expressed by a British offshore territory (Gibraltar) prompted 888 to apply for a gaming license in Malta in March of that year.
Competitors Headquartered in the United States
888 Holdings said on October 2 that it has permanently halted business with customers in the United States, after the passage of the Unlawful Internet Gambling Enforcement Act of 2006 by the United States Congress three days earlier. On August 14, 2007, the United States Department of Justice filed a request for the company’s US revenues to be recovered.
It was 888 that pioneered the comeback of online gambling in the United States in 2015. The company managed four of the country’s five legal gambling websites, three in Delaware and one in Nevada, during the year 2015. In 2013, the company launched its re-entry into the US market by working with Avenue Capital Group to launch the first US online poker network, which became operational in 2014. With the acquisition of the All American Poker Network by 888 Holdings in 2018, the company expanded its online poker operations into the United States.
888Sports
It is 888’s specialty to provide sports betting services, and the company’s brand is 888sport. The online bookmaker went live in March of 2008, after a year of development. In addition to providing access to other 888 Holdings websites, the site also provides horse track betting and sports betting opportunities. Bets may be placed in a variety of sports leagues, including European, North American, and other competitions. This includes both in-game and pre-game betting, as well as live betting, in which bets can be placed on events occurring during the game. A pair of races, the 888Sport Tingle Creek Chase and the 888Sport Magnolia Stakes, are sponsored by the organization.
To recognize their support, 888sport had the Fontwell Park Grand Stand renamed in their honor. Sports betting site 888sport is active on social media when it comes to sports events, distributing content from other sites, and holding video competitions for its customers. In March 2019, 888 Holdings acquired Dedsert Ltd, a Dublin-based sportsbook platform supplier for UK-licensed bookmaker BetBright. The transaction price was £15 million. CEO Itai Pazner stated that the acquisition “provides us with the missing ingredient in our intellectual property and technology portfolio.”
Executives And Financial Experts At The Highest Levels
Gigi Levy served as Chief Executive from 2010 to 2011, earning a salary of $841,000 and an extra $1,007,000 in annual incentives during that time. In March of that year, Brian Mattingley was appointed as the company’s chief executive officer. After leaving his position as CEO of 888 Holdings in 2015, Mattingley was promoted to executive chairman of the board.
On January 24, 2019, 888 Holdings promoted Chief Operating Officer Itai Pazner to the role of Chief Executive Officer, succeeding Itai Frieberger, who had taken over as CEO in 2015 after Mattingley departed. Freiberger had been on the job since 2015.
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