United Kingdom-based 888 Holdings – a leading online gaming operator – has reportedly sealed the deal on a significant new joint venture in the U.S.

Following the passage of the Unlawful Internet Gambling Enforcement Act of 2006, 888 Holdings disappeared from the United States. But now it’s back. As the U.S. approaches with haste an anticipated new era of legalized online gambling, 888 Holdings is clearly setting its sights on a potential billion-dollar market.

The gaming outfit is partnering with Avenue Capital Group – an investment firm based in the United States.

“This is the perfect deal for 888, providing the ideal platform through which to launch our B2C brands into the US market, once regulated,” says Brian Mattingley, the Chief Executive Officer of 888 Holdings.

“We also have a strategic alliance with one of the largest gaming machine manufacturers in the world, WMS,” Mattingley added. “We now have a significant financial partner for our leading B2C product – the final piece in the jigsaw, completing our US online strategy.”

According to published reports Tuesday, the public company (it is listed on the London Stock exchange) was founded in 1997 and employs close to a thousand people.