Hold Please: Online Gambling Firm 888 CEO Weighs IPO

in Finance

888 Holdings, an online gambling outlet, is looking at ways to tap U.S. investors, including the possibility of going public, Bloomberg reported.

The enticing valuations brought by U.S. investors is making the market important for the London-based company, according to Bloomberg.

In addition, 888 has been hunting for market and brand deals that could bolster its U.S. presence. According to CEO Itai Pazner, the company is also considering partnering with European operators, along with any takeover opportunities that arise, Bloomberg reported.

But for now, Pazner said the company is looking at expanding, with no immediate decisions being made, according to Bloomberg.

“There might be opportunities like that, to float, to re-float, to split out — there are many different structures,” Pazner said, per Bloomberg. “I assume down the line, we will consider different options as the U.S. becomes more meaningful, and definitely if it continues to trade at these kinds of multiples.”

In the past year, 888 has seen its shares rise by 400 percent as online gambling has seen a new surge of popularity amid pandemic lockdowns, which have given people ample free time, Bloomberg reported. The industry has seen a boost in the U.S. because the Supreme Court legalized sports gambling in 2018, which set off a flood of trans-Atlantic deals, including one this week in which Ireland’s Flutter is looking at options including an initial public offering (IPO) for its business FanDuel.

Online gaming saw a surge as brick-and-mortar locations had to close in fear of passing the virus around, PYMNTS reported. Now, as people explore their options for gaming, even professionals have been looking more closely at the process, seeing that it could represent the future of the industry.

However, one of the sticking points of online gaming is the speed at which customers receive their winnings, which has left some people unsatisfied.

https://www.pymnts.com/news/ipo/2021/online-gambling-firm-888-ceo-weighs-ipo/