888, one of the most reputable online gaming and betting operators in the US, has officially launched a new Colorado sportsbook, thanks to its Sports Illustrated partnership. The name of the new betting operator is SI Sportsbook, and Colorado residents will be able to place pre-game and live bets on numerous sports events such as the NFL, NBA, MLB and NHL. Additionally, SI Sportsbook will also have several great features, including betting widgets, tools designed for wagering education, intelligent hyperlinking, and a multi-sport ‘pick ’em’ game.
888 and Authentic Brands Group Agreement Made the Launch Possible
888 has had a series of great business decisions, which lead to the massive revenue rate, especially for Q1 in 2021. However, the agreement that helped the launch of the new Colorado sportsbook was the one that 888 and Authentic Brands Group (ABG) made. ABG is a marketing, entertainment, and brand development company that purchased Sports Illustrated in 2019 for a price of $110 million. With this deal, 888 will gain an exclusive license by ABG to use the Sports Illustrated brand and trademarks for online gaming and betting services.
Additionally, 888 will gain a few rights on selected digital assets that are branded by Sports Illustrated and are connected to advertising and editorial integration. In return, ABG will receive fees from the affiliate and brand license. Moreover, ABG will have a minority passive interest in the 888 group company that holds some of its licensed B2B activity in the US.
As for 888, the brand agreed to a small advertising commitment on some of the media assets by ABG on an annual basis.
The Sportsbook Will be Able to Operate in Other US States
What makes the deal between 888 and ABG so good is the fact that with it, 888 and Sports Illustrated will be able to launch SI Sportsbook in other US states aside from Colorado, but they will be subject to approval by regulators in each state.
The senior vice president of 888 and head of its operations in the US, Yaniv Sherman, stated that 888 strongly believes that the company has developed a unique sports betting experience; one that is differentiated and combines the power of its advanced platform with one of the most influential brands in the sports media sector in the past 70 years.
He added that 888 has created a strong platform by partnering with Sports Illustrated. That enables the company to build its position in the US by using the extensive brand footprint that Sports Illustrated has. In doing so, 888 is provided with an opportunity to acquire many new customers in the most cost-effective way and thus, build a profitable business as time passes by.