Online Gambling Company 888 Relocates VP Following U.S. Sports Gambling Reform
The company announced its head of commercial development Yaniv Sherman will move to the U.S. in September to "spearhead" expansion
For daily updates, subscribe to our newsletter by clicking here.888, which was founded in 1997 by four Israeli entrepreneurs, offers several online gambling platforms, including casino, poker, bingo, and sport. The company offered its products in much of Europe before withdrawing from Poland, Slovenia, Slovakia, the Czech Republic, and Australia in 2017. In March 888 stated that it is also considering withdrawing from the German market, one of its main markets, after gambling-related regulatory proceedings in these countries cut deep into its profits.
In May, the U.S. Supreme court overturned a 1992 federal law that prohibited sports gambling, with some exceptions, in all states except Nevada. The same day, 888 announced it has begun offering online poker liquidity to players in New Jersey, in addition to Delaware and Nevada, where it has been in operation for a few years in partnership with Caesars Interactive Entertainment Inc.
While 888 had initially jumped on the London exchange following its announcement, reaching its highest stock value since listing on May 21, the company's stock since fell by 28.5%, opening Monday's trading at 232 pounds.