13.122018888 Poker Acquires American Poker Network for $28 Million
888 Holdings are one of the biggest gambling companies in the world. They created one of the very first online casinos, Casino-On-Net (now 888 Casino) and poker rooms (then Pacific Poker, now 888 Poker) and they also have sportsbooks, bingo rooms, and more.
They are constantly growing, improving, and staking their claim on the online gambling sector, and on the 11th of December 2018 they made another leap forward when they purchased all the remaining shares in a leading poker network for $28 million.
The All American Poker Network was actually partly founded by 888 back in 2013. It was a joint venture with Avenue OLG Entertainment, with shares split between the two companies in addition to some minor holdings. The goal of this network is to further online poker in the United States, a mission that has proved to be both difficult and important since the events of Black Friday, when Pokerstars and Full Tilt Poker ceased operations in the country.
888 Poker bought a remaining 53% share in the network, giving them complete control. These shares came from their former co-owners and from many minor shareholders and means they are now sole owners.
This gives 888 even more leverage in the US market, which means they are better poised than anyone to launch into this market if the laws change. In years gone by it seemed highly unlikely that the laws would change and if they did it seemed likely that the change would be a negative one, but that is no longer the case.
888 have already become the first to offer online gambling in the US (albeit in very localized areas) and they have their sights set on the world of poker. The backing is there and the tides seem to be turning, which all bodes well for 888. Of course, if that change doesn’t come, then the money that 888 have thrown at the US gambling market could put the company at risk.
It’s make or break, and we could know which way things will go in just a year or 2.
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