888 Partners with Avenue Capital Group to Create AAPN
888 Holdings, the major Gibraltar-based online gambling company, and Avenue Capital Group, an investment company based in the US, have gotten into a partnership deal, according to the terms of which, the two will create the first online poker network in US.
Called the All American Poker Network (AAPN), the new online poker network is likely to begin operating within states that have regulated intrastate online poker although it is ready to expand all over the US as soon as the federal government passes a bill legalizing and regulating online poker all over the country.
In a statement to the Financial Times, Brian Mattingley, CEO for 888 Holdings, said, “This is the perfect deal for 888, providing the ideal platform through which to launch our business-to-customer brands into the US market, once regulated.”
Making yet another statement, he said, “Working with a substantial financial partner provides the firepower that we need to take advantage of the significant opportunities that will be provided by a regulated U.S. gaming market.”
Treasure Island, named after a land-based casino on the Las Vegas Strip, is all set to become the first online poker skin on AAPN. In February, Treasure Island got into a partnership deal with 888 Holdings, and both companies have applied for a Nevada online poker license. Although online gambling regulators in Nevada have not yet granted a license to both companies, the companies are most likely to appear for a hearing before the Nevada Gaming Commission on March 21.
Recently, Nevada amended its online gambling law to include a provision for the formation of intrastate gaming compacts. This enables online poker gaming companies based in Nevada to expand their customer base by receiving bets from players outside the state. Owing to the latest changes in Nevada’s gambling laws, 888 Holdings is expected to introduce more online poker rooms based in other states. New Jersey and Delaware have also passed bills legalizing online poker, but 888 Holdings is yet to get a license from these states.
888 Holdings has made several deals within the US. First, it got into a partnership with Caesars International to create a real money online poker room under the World Series of Poker (WSOP) brand. So far, the company has not issued any statement as to whether WSOP Online Poker will be added on AAPN. The two companies have already created a free online poker room called WSOP-USA.com, which is already functional. Anybody in the US can register and play poker for fun on this room. 888 Holdings will benefit greatly from its partnership deal with Caesars as soon as the two companies get a license in New Jersey because Caesars runs four land-based casinos in Atlantic City.
888 Holdings also signed a deal with WMS Gaming, the giant producer of gambling machines in order to create online poker rooms in Nevada’s land-based casinos. 888 Holdings owns the popular 888poker.com brand, which is the fifth largest online poker room in terms of player traffic to its real money cash games, according to PokerScout.com.
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