888 targets US expansion as it buys All American Poker Network from joint venture partner Avenue OLG Entertainment for $28m

Online gambling company 888 has bought out the remaining half of All American Poker Network (AAPN) for $28m (£22.26m), it announced today.

888 acquired 53 per cent of the US gaming site from its joint venture partner Avenue OLG Entertainment and other minority shareholders.

The deal will allow London-listed 888 to strengthen its position in the US by signing new partnerships and continuing to roll out its product in new states.

Recently the Gibraltar based company launched 888 Sport in New Jersey, which the company says will pave the way for the group to establish sports betting sites in other states as regulations change.

It also signed a sponsorship agreement with American football team New York Jets.

888 chief executive Itai Frieberger said: “The acquisition of the remaining stake in AAPN is an important strategic step towards 888 achieving its exciting long-term potential in the US.

“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.

“This acquisition places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.

“The AAPN joint venture has been a very successful endeavour for the Group. It has afforded us the flexibility and financial capability to build a position in the regulated US market over the last five years whilst also investing in other global regulated markets.

“I would like to thank Avenue Capital for being fantastic partners in this venture since 2013."