888 Holdings in Nevada

In a sitting of the Nevada Gaming Control Board, approximately 2 hours were spent looking into the background of 888 Holdings, the European online gaming operator, who is looking to obtain a Nevada interactive gaming license.

After the recommendation that 888 Holdings, a Gibraltar based company be approved as the states 20th interactive license, the 3 control board members spent about 5 minutes on discussions for Treasure Island's request for holding the states 21st interactive license.

A.G. Burnett, the Control board chairman told Attorney for Treasure Island, Frank Schreck, that he did not have any questions, unless the attorney wanted him to make some up.

Shawn Reid, a board member read the license conditions into the public record faster than the approval of Treasure Island.

The Nevada based website for online poker will be a turnkey operation and 888 Holdings will be handling the technical side of the business. They will make use of the Treasure Island logo as well as images for the creation of the poker room.

Attorney Schreck said that Treasure Island hopes to just collect the money.

After the hearing, several observers said that the entry of 888 Holdings into the business of online poker could be a game changer.

888 Holdings partnered with Caesars Entertainment during 2011 in a legal European business of online gaming. They have viewed Nevada as being one of the top growth initiatives in the year 2013.

888 Holdings together with Caesars operates the World Series of Poker websites that are in several European markets. The company also operates its own online gaming operations which are based in many different countries and they have also been in business for over a decade.

Brian Mattingley, CEO of 888 Holdings told the control board that their first order of the business, if they were granted a license, would be the launch of a website for World Series Poker in Nevada, in partnership with Caesars Entertainment. Caesars Interactive Entertainment won the approval of the Nevada gaming regulators in 2012.

888 Holdings will be providing the online poker technology to WMS Industries the slot machine maker, and will be running the Treasure Island website.

A.G. Burnett has said that he is impressed with the status of the corporate applicants, and he finds that these applicants are suitable for a Nevada License.

The Gaming Commission in Nevada will be taking up the favourable recommendations of the control board for Treasure Island and 888, on the 21st March in Las Vegas.

Mr Mattingley said that 888 is looking at the expansion of business opportunities in Spain at the same time improving sports book, casino and the social gaming platforms.

Aviad Kobrin, Chief Financial Officer of 888 told the control board that 888 Holdings total revenues for 2012 were $375 million and that it represented a 23% compound growth from 2003, and that the poker revenues have increased 31%. Gil White, Attorney for 888 said that before the Unlawful Internet Gambling Enforcement Act of October 2006. was signed, the company had accepted wagers from customers in America.

Attorney White said that the company had been advised that it was unlawful to offer non-sports betting to customers in the USA.

Once President George W Bush signed the Act, 888 Holdings then blocked access to all its websites from American gamblers within 24 hours.

Attorney White also said that 888 Holdings complies with all of the provisions that are enacted within the Assembly Bill 114, the New Interactive law in Nevada, which precludes online gaming companies from obtaining a licence in Nevada if it accepted wagers after 2006 from Americans.