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Lottery tickets online |
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888 Online
Gambling Revenues Increase by 38 Percent
May 15 - Online gaming firm 888 Holdings said on Wednesday the
first quarter of 2008 started well with a 38 percent rise in net
gaming revenue and growth has continued into the second quarter,
driven mainly by casino and bingo games.
It said net gaming revenue, a key performance indicator, rose to
$64 million from $47 million in the same period of 2007 and was
up 3 percent on the previous quarter.
Last month, 888 Chief Executive Gigi Levy said he hoped the
company would achieve 30 percent revenue growth for the full
year, helped by its new online sports betting and bingo sites.
Online poker and casino firms have been gradually rebuilding
their businesses after the U.S. closed off the world's biggest
market in 2006 with a ban on gambling-related banking
transactions.
The move wiped billions of dollars off the value of online
gaming stocks virtually overnight and led to a number of
founders and online executives being prosecuted for taking
illegal bets.
"Our various business initiatives are progressing well and we
are therefore confident in delivering future growth during
2008," Levy said in a trading statement on Wednesday.
Total operating income rose 41 percent to $66 million from $47
million a year earlier.
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