888 report rise in revenue
The online gaming company 888 reported today that the anti-gambling law in the U.S had unaffected its non-U.S operations, seeing a rise in third-quarter non-U.S revenues by 20 percent.
"Since suspending real money services to U.S. based customers in October 2006, no negative impact on the non-U.S. business has been observed in either casino or in poker revenues," a spokesman said in a statement.
The rise in revenues has been mainly driven by an increase in non-U.S membership, seeing a 5 percent increase between the end of the second and third quarters. This is despite many believing that the U.S law would ‘scare off’ many European players from playing online.
In spite of taking a one-off hit of approximately $6 million after pulling out of the U.S market just before the ban was introduced, 888 still remains one of the biggest names in the industry and according to 888, are well placed for future expansion.
"888 is debt free and has ample liquid resources to both fund our operations and participate in attractive opportunities for market consolidation," said Chief Executive John Anderson.
However, share prices in 888 fell by 1.5 percent this morning to 122 pence, with market analysts citing a lack of an update of talks with Ladbrokes, with the latter said to be interested in buying the former.
Editor, Jackpot.co.uk - 2006-11-14 11:16:39