Online Casino Giant Reports Solid Progress
The Gibraltar-based 888, one of the largest and most popular online gambling groups in the world, has announced that business is good. The firm’s interim results will only be published on September 10th, but that doesn’t stop voices from within the company. The online gambling firm is “confident” about its prospects for the rest of 2007, and reported that their currently in line with previous expectations. With US residents kept away from online casinos, the online gambling industry has been struggling for some time. Fifty five percent of 888’s gamblers originated in America – making the past year a very challenging one.
Being a large company that it is, 888 is constantly under analysts’ eyes. The growing popularity of online poker worldwide did help the firm generate profit as online casino poker raised revenues by 19 percent. However, that is not enough to get the online gambling firm off the hook. During the last six months, the company was dealing with Ladbrokes over a possible acquisition that now seems unlikely to occur. Negotiations went off course as the legal difficulties became apparent. Without a solid legal frame in the United States for online gambling, it will be very hard getting investments into the market.
The online gambling firm’s Chief Executive, Gigi Levi, said that the group is still contemplating over a possible acquisition and will be looking for a different partner. As for now, 888 is still highly profitable and the immediate future seems bright. That doesn’t mean that the long term holds similar promise. Online gambling is growing all over the world, but the industry needs a solid legal frame to work in. Unfortunately, such a frame is not yet available in the United States. Side by side with their business efforts, the company is also working with the US Justice Department and hoping to settle any possible claims that might surface in the future.