888 and Treasure Island set for NV licence next week
888Poker will be launched in Nevada under Treasure Island licence once technology is approved.
888 and Treasure Island are expected to receive licences to offer online poker under an 888Poker brand next week when their applications are heard by the Nevada Gaming Commission (NGC).
The two companies moved a step closer to the US market after receiving a recommendation from the Nevada Gaming Control Board last week, leaving just final approval from the NGC required.
Las Vegas-based Treasure Island is to receive an operator licence while Gibraltar-based 888 will receive a service provider licence at the hearing on 21 March.
Last week eGaming Review revealed the two companies had agreed a partnership which would see 888’s technology powering an 888Poker site launched using Treasure Island’s licence.
888 CEO Brian Mattingley confirmed this week that the company had entered into a joint venture agreement with investment firm Avenue Capital Group to offer a US-facing B2C gaming offering when regulation allows, initially in Nevada under the Treasure Island licence.
Under Nevada law only existing casino licensees can operate an online poker site, and according to one source, the deal will see 888 not only provide the software but also fund the licence fees and marketing costs, while paying Treasure Island 5% of future online poker revenues.
888 already has an existing B2B agreement with Caesars Interactive Entertainment to supply software for a World Series of Poker-branded website in Nevada, and according to CEO Brian Mattingley, the JV with Avenue Capital now gives it the financial clout to push its B2C product as the rest of the US market opens up.