888 Acquires All American Poker Network
888 Holdings has completed a buyout and taken control of the All-American Poker Network saying it is looking to enhance long-term goals in the U.S. market.
The company competed a $28 million buyout from investment partner Avenue Capital, acquiring that company’s 53 percent stake in the network.
“The acquisition of the remaining stake in AAPN is an important strategic step towards 888 achieving its exciting long-term potential in the US,” said 888 CEO Itai Frieberger in a press release. “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.”
888 Poker is now available in the three U.S. sates where online poker has been legalized—Nevada, New Jersey and Delaware—and is preparing to launch in Pennsylvania when that state goes live. It also supplies the software that powers WSOP NJ and WSOP NV in their respective states.
The network was first created in 2013 in hopes of tapping into a quickly growing online poker industry in the U.S. That growth, however, has not happened as few states have legalized online poker. Even with player sharing between Nevada, New Jersey and Delaware, online poker remains far behind other types of online betting in the U.S.