An iconic brand deal has been signed between the London-listed 888 Holdings gambling group and the US media company, Sports Illustrated.
888 announced that it would launch its new product, SI Sportsbook in the United States by the beginning of the 2021 NFL season.
“We are delighted to announce this strategic partnership, enabling us to accelerate our investment into the US, which represents one of the most exciting long-term growth opportunities for our company,” said Itai Pazner, the chief executive officer of 888 Holdings in a press release.
“We are excited about the potential to deliver our cutting-edge, proprietary sportsbook platform into the market, providing Sports Illustrated fans with a first-class betting and gaming experience.”
Under the terms of the deal, Sport Illustrated’s parent company, Authentic Brands, will grant 888 an exclusive license to use the brand’s trademarks.
The group’s CEO, James Salter, called 888 a “leader in online betting and gaming globally”. He praised its outstanding technology, products and marketing capabilities and said that Sports Illustrated was excited to partner with 888 to offer an innovative product experience for all sports fans.
The agreement is for 20 years and gives Authentic Brands a 4.9% stake in 888’s US business, according to a report in Bloomberg. An unidentified source told the media outlet that Authentic was given options to increase its ownership to 19.9%.