888 Holdings buys shares of All American Poker Network
888 Holdings PLC has announced its decision to acquire the remaining 53% stake in the All American Poker Network for $28 million.The AAPN joint venture was formed by Avenue and 888 in March 2013 to launch products from the 888 brands in the US regulated online gaming market. Since November 2013, 888poker and 888casino have been operating in New Jersey. According to the signed agreement, 888 Holdings PLC will transfer $10 million to the shareholders of the All American Poker Network in the very near future. They will transfer another $18 million by March 31, 2019: The acquisition of shares will provide 888 Holdings PLC with additional operational, technological and commercial flexibility to develop innovative and exciting partnerships and launch their products in new states. 888 Holdings is one of the largest corporations in the virtual gambling market. 888 Holdings offers a wide range of online gaming offerings to its customers, including bingo, casino and poker. Recall that the US authorities have reported that professional poker players will be required to declare the winnings that were received from gambling. The new rules will come into effect in 2019.