Online Casino Shows Growth in Poker Revenues
The online casino poker market is expanding with each passing day. If you are looking for proof to corroborate this fact, you need to look no further than 888, one of the largest online casinos companies in today’s market. The company has recently reported a 56% increase in profits in comparison to the second quarter. The news is expected to have a stabilizing effect on the market, which has seen its share of ups and downs over the course of the past months. The fluctuations in the stock market have affected other online casinos companies like 888 who also went public on the London Stock Exchange.
The online casino company has suffered a minor setback, seeing its stock value drop from the time it was issued back in September. The company attributes the decrease in the value of their stocks to comments made by a rival online casino company Party Gaming who commented that the online casino industry is facing a relapse. John Anderson, the online casino company’s chief executive explains, “As we said to all the investors that asked that question, I thought that it was a company-specific issue and not an industry-specific issue, and I think that has been borne out to be correct”.
The third quarter has been particularly successful for the online casino company who saw its profits rise by 56% to $70 million, while also seeing their profits from poker rise by a whopping 178 % to $29.5 million. The increase in poker revenues shown by 888 is expected to draw investors back. Many experts believe that the time is right again to invest in the online gambling market. Altium Securites analyst Greg Feehely says, “This suggests that the online poker market is either growing more strongly than Party Gaming would have us believe, or that 888 is taking market share, possibly both”.