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Online Casinos Giant to Purchase Sportsbook

Speculation that online casinos giant 888 Holdings is looking to purchase its own sports betting site has been confirmed by the company’s CEO, John Anderson. In a recent interview in “The Times” Anderson advised 888 Holdings is seeking to consolidate its market in online casinos and a sports betting site would play a key role. The Scotsman’s comments have echoed those made previously by the company’s co-founder Shai Ben Yitzhak, who predicted that consolidation will be crucial for the future of the online gaming industry.

Ben Yitzhak, also the CEO of Random Logic, believes that following the online gambling boom the market will be dominated by a handful of large online casino sites. In preparation for this vision of the future, 888 Holdings has started to focus on acquisitions. The online casino firm is the largest gaming company in the world with a current market cap of $1.24 billion. The decision to add a sports betting site to its core business of online casinos is considered a smart move, according to industry insiders.

In his interview with “The Times” Anderson stated that while the online casino firm is currently planning a sports betting venture, he has not engaged in talks with any sports betting firm as yet. Anderson also pointed out that 888 Holdings will be purchasing a sports betting site that targets the Asian market, advising that the casino company does not intend to involve itself with the American market where sports betting and gaming at online casino sites is deemed illegal under the 1961 Wire Act, written before the existence of the world wide web.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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