December 21, 2011 12:36 ET

888 Could Apply for an Online Poker License in Nevada, Says

UK based online gambling company 888 Holdings is considering applying for a license at Nevada, according to sources.

LONDON, ENGLAND--(Marketwire - Dec. 21, 2011) - People in the state of Nevada can look to play online poker as 888 Holdings, the famous UK based company for online gaming, is considering applying for an online poker license in Nevada, as per a report. The report also stated that the company is planning to enter into a partnership with Caesar's Entertainment Corp., which owns brands like Flamingo, Rio, Caesars and Harrah's. Deputy Chairman of 888 revealed that the company is in talks with Caesars and a decision will likely to be reached by mid-autumn. The Play Poker Online editorial team sought to find more on the issue.

Though 888 Holdings has enough cash to self-finance its expansion programs in the US, the company may still consider debt financing if there are attractive terms. The company also stated that it did not want to miss out on any attractive deals. In fact, the company doesn't even have to partner with Caesar's for a license since a clause in the Nevada bill reads that offshore companies can gain license to operate in the US as long as they meet any of the qualifications specified by the federal law in regard to online gaming.

But there is no guarantee that the company will be able to launch online poker in the US and definitely not for a few months, given the recent events that have happened in the online poker circuit since Black Friday. With the possibilities of online gambling being legalized in 2011 being dim, it will be quite a while before 888, which has earned a revenue of $13 million in poker alone, will realize the hopes of US residents to play poker online for money at their site.

Another reason why this could take longer is that a few months back, the Assembly Bill 258, which allowed the Gaming Commission of Nevada to grant licenses to casinos and establish a regulatory framework for online poker, was passed in the Nevada Senate. The bill made no mentions of any regulations as such, but authorized the gaming commission to establish regulations and grant licenses to online casinos if the federal government or the US Department of Justice legalizes online gaming in writing.

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