Internet betting firm 888 Holdings has announced that they've opted to purchase the remaining 53% of the All American Poker Network for $28 million, picking up from the 47% they'd previously purchased.
The purchase was made to help facilitate further growth in the American betting market, where they already are operational in the state of New Jersey, and the company is looking to expand their reach further in the country, specifically through their poker, sportsbook, and casino verticals. The All American Poker serves as a competitor to some of the different operators in the country including Full Tilt and PokerStars.
Commenting on the purchase 888 CEO Itai Frieberger said, "The acquisition of the remaining stake in AAPN is an important strategic step towards 888 achieving its exciting long-term potential in the US. Taking outright ownership of AAPN gives 888 additional operational, technological and commercial flexibility to develop innovative and exciting new partnerships and launch in new states - through both B2B and B2C channels - as and when future regulation allows. This acquisition places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.
The AAPN joint venture has been a very successful endeavour for the Group. It has afforded us the flexibility and financial capability to build a position in the regulated US market over the last five years whilst also investing in other global regulated markets. I would like to thank Avenue Capital for being fantastic partners in this venture since 2013."