888 Holdings Plc announced in an investor update for the London Stock Exchange today its partnership deal with the Delaware Lottery has been extended for another 2 years.
Online Casino & Online Poker
The online gaming technology company has been the exclusive technology provider for the state lottery in Delaware since 2013, powering the state’s iGaming platform and allowing residents in the state to gain access to online casino games and online poker within a safe and secure gaming environment.
The interstate poker network of 888 which connects Delaware with New Jersey and Nevada will continue to allow poker players from the three states to play against each other, improving traffic as for cash tables so for tournaments.
“This contract extension demonstrates the strength of our relationship with the Delaware Lottery as well as the quality our of outstanding technology platform. The State of Delaware has been a pioneer in the developing U.S iGaming market and we are delighted to further extend our partnership. 888 has been committed to the U.S. iGaming market for several years. We remain incredibly excited by the growth potential for the business across both our B2B and B2C operations in this developing and potentially significant market.”
Yaniv Sherman, SVP Business Development, 888 Holdings Plc
The contract extension with 888 comes on the back of the recently announced financial results by the Delaware Lottery, where revenue in May reached $1.1 billion, the highest monthly revenue for 2020 so far. The May 2020 financial result represented a 262% jump year-on-year, from the nearly $314,000 generated in May 2019.
Delaware Lottery Values the Partnership
It is worth noting that during that period the 3 casinos in Delaware have been still shut down to support federal and state effort to curb the spread of the virus infection. St.Gov. John Carey allowed the casinos to reopen June 1 and it will be interesting to see what financial results the Delaware Lottery will post in June.
“888 has been a valued partner since the Delaware Lottery launched its pioneering iGaming offering through the websites of Delaware’s three casinos. In another first, 888’s poker platform enabled the Delaware/Nevada/New Jersey Multi-State Internet Gaming Association to offer peer-to-peer poker liquidity and further enhance the player experience across all three jurisdictions.”
Vernon Kirk, Director, Delaware Lottery
By the end of June, 888 Holdings announced its 2020 financial year adjusted EBITDA would be much higher than the initially anticipated figure by the company. The company has seen a better than expected customer reaction to the return of sports, yet warned investors to be mindful of possible headwinds in the second half of the year.