888 Revamps Expansion Strategy for the US Market

The leading world gambling company, 888 Holdings, commanded Capital Markets Day (CMD) earlier this week. The corporate mentioned an intensive list of topics throughout the event, among which was its growth into the regulated gambling markets within the United States.

888 Holdings Updates US Expansion Strategy

According to a transcript released by Market Screener, a key message conveyed during the CMD event was 888’s change in strategy for the US market. The company’s strategy director, Vaughan Lewis, revealed that the RES market is highly competitive. 888’s chief strategy officer added that after operating in the US sports betting markets for more than a year through its Sports Illustrated Sportsbook brand, the company was able to identify new market capitalization opportunities. He explained that the company’s renewed strategy differed from the original plan, which was to “create a national sports-led 

 operation in 12 to 15 states.” Noting that the company has faced intense competition in the sports betting industry, Lewis acknowledged that changing its plan would make it easier to compete against the top 4 brands and achieve sustained success.

“It has become clear to us that the intense competition in sports betting and the dominance of the top 4 brands will make it very difficult to generate positive returns without further developing our plan.

Older Male Demographic Brings More Profits than Young Adults

When evaluating the company’s competitiveness, 888 updated its strategy, calling it an “evolution plan.” Also known as “Gambles 2.0,” the plan sees the company looking to expand its footprint while targeting a specific demographic. Eight hundred eighty-eight identified the older male demographic as having significant potential compared to younger demographics. Sports Illustrated for our players, News, and content, and then really focus on targeting a vital cohort of the older male demographic,”

With this mindset, Lewis explained that the older male demographic spends “4 to 6 times more than the highly competitive younger demographic, and they love the casino.” He added that these players enjoy the casino and gambling while having enough money to spend gambling, making them the perfect target audience. In addition to the main target group, Lewis noted that the US iGaming market has even greater potential. Then the sports betting vertical. He said online gambling is available in six states, but the market is almost as big as the 22 states that offer sports betting. This potential of the gaming segment creates further growth opportunities for 888casino, according to Lewis.