- The US market is dominated by a handful of operators
- Brazil is a newly regulated sports betting and gaming market
William Hill owner 888 (888) announced last week that it could sell its US business-to-consumer (B2C) unit, highlighting the difficulties smaller operators face in high-growth markets across the Atlantic. But investors' understandable US focus shouldn't obscure the rising opportunities south of the border.
The company's strategic review could lead to a B2C exit from four US states, and it has terminated an agreement with Authentic Brands Group to use its Sports Illustrated moniker, at a cost of $50mn. In 2023, its entire US business only generated around £20mn of revenue and recorded an adjusted Ebitda loss of £12mn, according to Jefferies' estimates.