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Business: 888.com sees revenues increase
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The European online gambling site 888 Holdings Plc, posted a revenue increase of seven percent during the second quarter of 2009. The company, which owns such sites as online casino 888.com, internet poker room PacificPoker.com and sports gambling site Betmate.com, stated that company revenues reached US$61 million. One of their main revenue sources came from reselling their popular software engine to other online gaming sites.
888 CEO Gigi Levy was enthusiastic about the growth. He predicts that the online gaming business could increase by more than twenty percent as the players return to the marketplace and the recession slowly winds down. Although the revenues increased from the slow first quarter, they are still down almost twelve percent from this point last year.
Mr. Levy also said that he sees 1Q09 as a low-water mark and expects business to keep growing. Along with marketing their software to other gaming companies, he sees an expansion throughout Continental Europe, especially among female potential customers, through online bingo and other games. Currently, the company has more than twenty contracts with European companies to build online gaming sites in those countries.
The company is also discussing joint ventures with European nations that conduct national lottery games. Mr. Levy and other company executives are also pursuing additional outlets through European television networks. In recent weeks, 888 and the horse racing newspaper Racing Post reached an agreement to expand the paper’s business into the online poker world.
Despite the global economic slowdown and the gain of the dollar against both British and European currencies, Mr. Levy still maintains a positive outlook for both his company in particular and the online gaming industry in general. He stressed the list of agreements that have the potential for tapping into new markets and how, despite the decline in business at land-based casinos, the continued growth in the online gaming industry.
14-Aug-2009, 14:23
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