Profits at 888 Holdings double
8th April, 2008
The parent company of online gaming operator 888.com Casino has revealed that it more than doubled its profits in 2007.
888 Holdings announced that underlying profits rose by 106 per cent from $22 million (£11 million) to $45.6 million last year, due in large part to expansion of its emerging markets base.
The casino operator had professed a desire to focus its attention on the expanding European markets, partly motivated by the 2006 US online gambling ban which had ate into its profits.
In pursuit of this goal last year saw the casino gambling house acquired bingo business Globalcom, before launching a raft of strategic partnerships with affiliates in the UK, Asia and Latin America.
"Last year was phenomenal in terms of the development of our offering," City Wire quoted 888 chief executive Gigi Levy as saying.
He added: "While we will continue developing our own core games and technological infrastructure, we will carefully select 'best of breed' partners to provide us with additional games, particularly those with a local flavour, which will assist us in penetrating new markets."
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By Elena
