The Betting Firm Expects a Rise in Profit

23 September 2013 – By Cristian Dragomir

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888 Holdings is one of the most well-known and popular online casino gambling firms in Europe, with millions of customers all over the world. The betting firm with headquarters in Gibraltar decided to enter the newly opened American market after several states lifted the ban on internet gambling. Recently, representatives of 888 said trading was on track and revenue rose two percent to $94 million in the three months to September compared to the third quarter last year. The newly regulated global markets brought new revenues for the online casino company. In Nevada, the betting firm launched the World Series of Poker and this way they marked the start of the first regulated real money offer in the US. The company’s chief executive said in 2014, meaningful revenues should start to see come through.

The regulatory process in different states in the US is notoriously hard to predict. But 888’s representatives said they are optimistic that larger states such as New York and California could be among the next to liberalize. Therefore, the online casino operator is already working flat out to identify some quality partners in different states. The recently published financial figures show that 888’s casino business is driving much of the company’s current growth, with revenues for the casino games division up 19 percent to $45 million in the third quarter. These numbers helped the FTSE 250 company post its 12th consecutive quarter of year-on-year growth, offsetting a 21 percent drop in bingo revenue during the third quarter. The online casino operator, by the end of last month, had nearly 15 million casino, poker and sport customer accounts. That means an increase of 19 percent over the past 12 months.

888’s expansion in the United States is made easier by tax-hungry states which are now relaxing rules and creating opportunities for experienced European players. Internet betting was banned by the Congress in 2006 but in present day, 888 and other important names on the market are already operating in Nevada, with online casino markets in Delaware and New Jersey set to go live in the next few weeks.

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