The End of an Era: 888 is Finally Closing Down Its Casino and Online Poker Operations
Everyone has a general idea of what 888 Holdings plc represents, especially the residents of New Jersey. 888 Holdings plc, a major player in the online gaming sector, has just announced that it will begin shutting down its 888poker and 888casino platforms in the United States, starting June 3. This decision, which 888 Holdings made public this week, marks a significant shift in the ever-changing online gambling landscape, particularly since it affects players in New Jersey, where it first started.
But despite this closure, there’s still some good news: the Tri-State agreement which facilitates live poker rooms for World Series of Poker (WSOP) participants in Nevada, Michigan, and New Jersey will remain unaffected. Needless to say, the cooperative agreement has been crucial for maintaining a robust live poker environment for players in these states.
The announcement of 888 Holdings' withdrawal from the U.S. market is not entirely unexpected. As far back as February, the company began divesting its assets in the US to Hard Rock Digital. As most everyone is aware, Hard Rock Digital is the online arm operated by the Seminole Tribe of Florida, and the Tribe will likely use the platform to expand its brand and operations outside Florida.
In the meantime, this move followed the termination of 888 Holdings’ partnership with SI Sportsbook, a collaboration that had initially supported its sports betting platform and was promising at first. But perhaps these strategic shifts were indeed a sign that called for a broader restructuring of 888 Holdings' U.S. operations. Either way, there is no official statement from 888 Holdings regarding the closure as of this time, and the only indication of the exit is an email sent to consumers. But it is highly likely that an official announcement will be issued in the coming days – though the June 3 closure is already in the cards.
An underwhelming performance coupled with meager revenues
Suffice it to say that the performance of 888poker in New Jersey has lately been underwhelming, to say the least. In March, the platform accounted for less than 1% of the state's online poker market, a clear indication of its struggles. And the recent decision by New Jersey regulators to release revenue figures for individual online casino operators, rather than just license holders, further highlighted 888poker's poor performance. Case in point: in January, the platform generated only $48,000 in revenue, representing a meager .006% share of the market. In stark contrast, PartyPoker, its nearest competitor, recorded revenues exceeding $530,000 in the same month alone.
It’s worth noting, however, that this closure marks a crucial moment in New Jersey's online poker history. In fact, it will be the first time in nearly a decade that an online poker platform has exited the state's market. Incidentally, players currently using 888poker and 888casino are advised to withdraw their funds by June 3. However, for those who do not manage to do so, 888 Holdings has assured that checks will be mailed over the coming months to ensure all players receive their remaining balances.
While the World Series of Poker’s operations seem to be stable and ongoing, it appears that Hard Rock Digital has no plans to revive 888’s poker platform. This decision leaves a gap in the New Jersey online poker market, which, as we all know, is one of the six states in the U.S. where online poker is legal. New Jersey, along with Nevada and Michigan, remains an integral part of the WSOP's Tri-State agreement, which continues to provide a vibrant live poker scene for players in these three states.
888 Holdings’ overall impact
The impact of 888 Holdings' withdrawal will likely be felt by the broader online gaming community in New Jersey. As the state continues to evolve through its regulatory frameworks, gaming operators and companies will need to adapt to the increasingly transparent and competitive market environment.
The closure of 888poker and 888casino by 888 Holdings represents a significant change in the U.S. landscape for online casino gaming. Moreover, players in New Jersey and other states who are affected by this decision will need to transition to other platforms. Meanwhile, it’s fortunate that the WSOP's Tri-State agreement continues to be a cornerstone in live poker, ensuring that different players in Nevada, Michigan, and New Jersey can still enjoy competitive poker experiences. For now, the casino industry will be closely watching how these changes unfold and what they mean for the future of online gaming in the U.S.
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