888 gets backing to bring Caesars to the UK
Online gaming group 888 reported on Friday that it has won the approval of Nevada’s gambling regulators for its venture with Caesars, the world’s largest casino company. 888 is to provide its expertise to support the launch of Caesar Interactive Entertainment’s World Series of Poker and Casino brands in the UK.
It is believed that Nevada’s backing for the proposal marks the first time regulators have allowed an American casino operator to enter into a business arrangement with a foreign company that offers internet gambling.
Analysts at Shore Capital believe the vote of confidence could open the door for other foreign online gambling operators to establish joint ventures with US gaming companies, and is a promising sign for those interests calling for a relaxation of America’s position on internet gaming.
A statement from the broker said:
We believe the clearance is the first for a foreign operator and potentially paves the way for other foreign online gambling operators to enter into a joint venture with US based gaming companies (initially outside of the US).
Furthermore, we believe this represents further encouraging momentum in the re-appraisal of online gambling in the US by regulators, with the regulation of online gambling now looking increasingly likely, at least on a state-by-state basis in 2011. Recently we have seen encouraging momentum from states such as Hawaii, Florida, Iowa, California and New Jersey all indicating a willingness to regulate online gambling.