888 trading to expectations
888 Holdings PLC, one of the online gambling companies most severely hit by the US’s crackdown on internet gambling, are trading in line with expectations after a promising start to the year.
“888 has made an encouraging start to the current financial year and continues to drive its business on the basis of its strategy - delivering more games, over more platforms to more customers worldwide,” said 888 chairman Richard Kilsby before the group’s annual shareholder meeting.
Reacting to the introduction of the US’s Unlawful Internet Gambling Enforcement Act (UIGEA) last October and the ensuing loss of approximately half its sales, 888 increased spending on research by $19 million as they sought to consolidate their position as one of the leading players in the industry.
New games such as Crazy Blackjack and Blackjack in Poker were subsequently added to 888’s suite of games.
Profit increased 55 per cent from last year as the company focused it attentions on the European markets, with 45 per cent of sales derived from the U.K and 36 per cent from the rest of Europe.
888 have also expanded their product range by the recent acquisition of the online bingo software company Globalcom.
Shares in the company fell in London by 1.7 per cent yesterday to 115p.
Editor, Jackpot.co.uk - 2007-05-30 10:41:35