888 Holdings at the heart of NFL betting in the United States in 2021
Online sports betting is proliferating more and more US states every month, as lawmakers quickly embrace the economic benefits of a regulated sports betting market. Colorado was one of the newest entrants to the online sports betting scene in the United States, just in time for the start of the new 2021 NFL season.
Colorado’s impact on the market
One of the main developments in the Colorado sports betting market is the emergence of a Sports Illustrated (SI) branded platform. The iconic American sports magazine, which has been in existence for 67 years, has chosen to partner with British iGaming giant 888 Holdings to develop a white-label online bookie on the eve of the 2021 NFL season. SI owners, Authentic Brand Group, have confirmed their ambition to launch an online bookie earlier in 2021, with its legendary sports media brand blending well with 888’s innovation and technology base.
888 Holdings is now one of the most influential iGaming brands on the planet. Listed on the London Stock Exchange and part of its FTSE 250 index, 888 achieved a combined turnover of $ 849.7 million in 2020. All indications suggest that figure will be shattered by the end of this year. year.
Its online casino branch is just as popular as its sports betting, thanks in large part to its versatile welcome promotion, which is one of the top ten signup offers for those who aren’t ready to make it themselves. a real money deposit. The group’s revenue grew 7% year-over-year in the third quarter of 2021, which CEO Itai Pazner attributes to the company’s “continuous improvements” in “the user-friendliness, quality and safety” of its products. services.
Its new partnership with Authentic Brand Group’s SI brand could help cement 888 in a multitude of US states before the end of the year. 888 hopes to achieve a 5% market share in its first four states by offering an SI-branded online bookie, powered by 888. If that is achieved, 888 could consider an additional $ 90 million on its balance sheet. Besides Colorado, bold plans are underway to launch a new 888-powered SI Sportsbook in the states of Iowa, Indiana, and New Jersey.
The latter would be a major breakthrough, given that New Jersey’s sports betting industry recently surpassed the $ 1 billion mark in monthly revenue. In total, SI and 888 have a common ambition to launch an SI Sportsbook in 15 other legal jurisdictions over the next two to three years of trading.
SI and 888 emerge on the cusp of a major football betting takeoff this season
Sports Illustrated’s new chapter as a sports betting expert begins at a time when football betting in the United States is poised to take off in a big way, with 2021 almost certain to break revenue records. Industry analyst PlayUSA predicts that more than $ 20 billion will be wagered on the NFL and college football during the 2021-22 season. Some $ 12 billion will be wagered exclusively in the NFL betting markets, which could see US sports betting revenue of $ 800 million on NFL betting and $ 550 million on betting on the college football respectively.
Some numbers will need to be taken with a grain of salt, as the assumptions are based on the successful launch of new online sports betting markets in several US states. Still, a tripling of the $ 7.5 billion forecast in the NFL and college football markets in 2020 does not appear to be out of the question this year, with live events escalating in the NCAAF as well.
The college football schedule has been heavily impacted during the 2020 season, and the return of a full schedule in 2021 has seen many operators invest heavily in football betting this quarter. Barstool-branded bookmaker has significantly expanded its presence in the United States over the past 12 months. We’ve talked about the launch of SI Sportsbook in Colorado before, but the Colorado sports betting market alone has the potential to become a soccer betting hotbed, with as many as 26 sportsbook now active in the state. of the Centenary.