Online Gambling Company 888 Does Great Business
Online gambling operator 888 has not only recovered from its American debacle, it has roared back to achieve unexpected growth. 888, through its poker and casino operations Paradise Poker and Casino-on-Net, did $213 million in net revenue last year, a rise of 36% over the previous year.
After the U.S. passed the Internet Gambling Act of 2006, 888, like many online operators, was forced to withdraw from the lucrative American market. The blow was a heavy one, but 888.com came up with strategies to replace the lost business.
By emphasizing and increasing casino games, and adding the new 888ladies, a bingo site, 888.com has outperformed industry forecasts, and financial experts have the company rated as a "buy", indicating expectations the stock ia a good investment and will continue to rise.
The company also expects to expand into sports gambling in Europe, and is adding online casinos and sports wagering for Asia. Growth of the revenue from the casino games rose 60% in the fourth quarter alone. Poker income was up 17% in the same period.
The British company is based in Gibraltar and is the United Kingdom's second-largest online gaming company, after Ladbrokes. The shutdown of U.S. players cost the company half its business, but with the expansions into Latin America and Asia, and the popularity of casino games still increasing, the future seems bright for 888.
