SI Branded Sportsbook Coming to Colorado
Sports Illustrated has announced that it is set to enter the online gambling market in the United States through a partnership with 888 (LON: 888).
The deal between 888 and Authentic Brands Group (ABG) will see SI Sportsbook go live in Colorado in the second half of this year. ABG acquired the Sports Illustrated brand in 2019 for $110 million.
According to the terms of the deal, ABG is to give 888 an exclusive license to use the Sports Illustrated brand and trademarks for online sports betting and iGaming, as well as some exclusive advertising and editorial integration rights.
ABG will be paid brand license and affiliate fees and will also have a minority passive interesting in the 888 group company holding some of its US licensed B2C operations.
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. Sports Illustrated is an iconic sports media brand with high awareness and consumer loyalty. This agreement provides us access to millions of engaged sports fans across the US, giving us a high-volume and cost-effective customer acquisition channel and great content to engage sports fans. 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.
Jamie Salter, the chief executive at ABG, said that the deal allows the company to diversify the brand’s revenue streams and broaden its reach. He said that they are “excited” to work with 888 and believe that they will be offering sports fans “an innovative product experience”.
888 launched 888Sport in New Jersey in 2018 and is set to expand into Colorado, Indiana and Iowa this year. It is able to operate in Colorado under the Colorado Grande Casino’s license. Retail and online sports betting has been open in Colorado since May 2020. During its first year, players bet a total of $2.34 billion, and it brought in revenues of $147.3 million.