Nuvei Partners 888 Holdings to Enables Payments for SI Sportsbook
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Nuvei Partners 888 Holdings to Enables Payments for SI Sportsbook

Nuvei Partners 888 Holdings to Enables Payments for SI Sportsbook

Nuvei Corporation has partnered with 888 Holdings to provide its Instant Bank Transfer payment solution to the newly launched SI Sportsbook, Sports Illustrated's first venture into online sports betting and iGaming in the United States.

A prepared statement said 888, a United Kingdom-based online gaming and betting operator, partnered with Authentic Brands Group (ABG), the owner of the Sports Illustrated (SI) brand, to launch SI Sportsbook, a sports betting platform that integrates with the sports news, analysis, and betting information of SI. 

ABG acquired SI in 2019. 

SI Sportsbook was set up in June this year. 

 

Nuts and bolts of the deal

Nuvei’s Instant Bank Transfer technology will be powering consumer deposits on the platform, providing seamless, real-time bank account funding. With an initial debut in Colorado, SI Sportsbook is expected to launch in Indiana, Iowa and New Jersey at a later date, with further states to follow in the coming years.

With the partnership, SI Sportsbook consumers will now have access to approximately 11,000 financial institutions in the United States through Nuvei’s platform integration with Plaid. Consumer transactions are fully authenticated through Plaid’s user-initiated bank account verification and undergo sophisticated risk management checks by Nuvei. Nuvei’s proprietary platform also adds conversion-boosting features including one-click deposits for returning players.

Philip Fayer, Nuvei’s Chair and CEO, said: “Providing customers with the most convenient, secure, and fast payment experience is at the core of what Nuvei does. We are excited to partner with 888 to provide an iconic brand such as Sports Illustrated the ability to launch strong into the U.S. sports betting and iGaming market, improving its player acquisition strategy through our best-in-class user experience, state-of-the-art risk management and instant payments.”

Yaniv Sherman, SVP Head of U.S. at 888, said: “Following the announcement of our strategic partnership with Sports Illustrated, we are thrilled to offer Nuvei’s innovative services to sportsbook fans. With high-growth opportunities across the U.S., it’s important for us to deliver a first-class betting and gaming experience which includes a diverse suite of payment options. Partnering with Nuvei enables us to enhance the player experience and further the position of SI Sportsbook as a cutting-edge platform in the market.”

 

Big bet on sports betting

At the beginning of September 2021, SI, a 67-year-old media brand, announced that it was going to launch a branded mobile sports betting app, just in time for the beginning of the football season. 

Daniel Dienst, executive vice chairman of ABG was quoted as saying they were making a “big bet” on sports betting, which has become “part and parcel” of the “culture and how people engage in sports.”

Forbes reported that ABG’s deal with 888 has three components. ABG has been paid an upfront licensing fee for the SI name and logo, the company will receive additional performance-based payments related to how many players sign up, and ABG will also receive 5 percent equity in the SI Sportsbook. ABG has the option to acquire an additional 5 percent stake for $15 million and another 5 percent for $25 million with the total potential ownership stake of 19.99 percent.

888 CEO Itai Pazner said: “We are excited about the potential to deliver our cutting-edge, proprietary sportsbook platform into the market, providing fans with a first-class betting and gaming experience.” 

“Sports Illustrated is the most trusted brand name in sports, and trust in the gaming space is paramount. The editorial, content and betting experience will reflect the integrity and ethos that SI has maintained for more than six decades,” said Ross Levinsohn, CEO of Maven, the operator of Sports Illustrated’s print and digital assets.


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