Israeli entrepreneurs' journey to dominating the UK casino industry
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Israel has produced many entrepreneurs and successful tech-based startups. Among these, a standout success narrative can be found if we examine 888 Holdings, an enterprise that has not only grown from humble origins but has also become a dominant force in the United Kingdom's casino industry and influenced the broader landscape of online gaming as well, saysCasinoGambler.co.ukspokesperson.
The inception of 888 Holdings dates back to 1997, when it sprang to life in Tel Aviv, courtesy of the visionaries Avi Shaked, Ron Ben-Yitzhak, Shay Ben-Yitzhak, and Aaron Shaked—four Israeli entrepreneurs who embarked on an extraordinary journey. The genesis of this enterprise can be traced to a moment of inspiration experienced by Aaron Shaked during a dental conference in Monte Carlo. It was here that he was struck by the hitherto untapped concept of constructing an entirely digital casino. On returning to his homeland, he and his brother carefully documented observations they gathered at a physical casino, ultimately persuading another pair of brothers to join them in their audacious endeavor.
Not ones for half-measures the Shaked brothers gave everything to the project, including the mortgaging of their homes to acquire the funds they needed to set up the enterprise. Originally named "Virtual Holdings Limited," the company offered virtual casino games to a worldwide audience and quickly became popular by filling a niche that was as yet not saturated with similar services. The company continues to innovate and attempt to fill niches that the market is not currently exploiting, allowing it to remain in a dominant position within the industry.
The two sets of brothers had no experience in the online gaming field, but they had a dream and each brought some sort of expertise to the endeavor. Avi Shaked, now a former dentist, used his history with marketing to drive advertising for the new casino brand, an important function. Meanwhile, Ron Ben-Yitzhak and Shay Ben-Yitzhak, both software engineers, built the platform and designed the games on it. Shay, in particular, held the position of Chief Technical Officer until 2006. Aaron Shaked, a lawyer, organized the legal necessities of the enterprise. Over the years the leadership of the company has changed, but nothing will ever change the fact that two pairs of brothers set out together and worked hard to make their ideas into a reality.
888 Holdings grew steadily over the next few years and in 2005, the company went public on the London Stock Exchange. Shortly thereafter, with an eye to consolidate its place in the industry and expand its portfolio, the company acquired several other online gaming websites, including Pacific Poker and Casino-on-Net. Although Pacific Poker ceased operations in 2006, in the wake of the Unlawful Internet Gambling Enforcement Act (UIGEA), which impacted all U.S.-based gambling websites, 888 Holdings continued its steady growth and later re-entered the now-regulated U.S. market. The Shaked brothers, when the company went public in 2005, amassed an estimated USD 204 million in proceeds.
In 2021, 888 Holdings seized the spotlight by orchestrating its acquisition of William Hill, an iconic figure within the annals of U.K. bookmaking history. This addition to the company solidified its foothold in the UK gaming market and allowed it to broaden its scope with the assistance of William Hill's sports betting expertise and brick-and-mortar storefronts. A noteworthy aspect of this deal lies in the fact that, just a few years prior, William Hill had pursued a £700 million bid to acquire 888 Holdings. Remarkably, the tables had turned, and William Hill itself became the subject of acquisition just a few short years later.
888 Holdings' acquisition of William Hill launched it into the company of global gambling giants and allowed it to reinforce its dominance within the U.K. casino sphere. As the company has evolved from its nascent origins, its innovative ethos, unwavering commitment to responsible gaming, and strategic acquisitions have propelled it to the vanguard of the U.K. casino industry. With its recent absorption of William Hill, 888 Holdings stands poised to continue its ascendancy and shape the future contours of the online gaming landscape.
This article was written in cooperation with BAZOOM
