Online Casino Group Celebrates Results
888 online casino group’s revenue has hit $84 million in the first quarter of 2006. The online casinos group revenue rose by 42% in this time period.
Awash with controversy regarding disputes about affiliate programs, 888 online casino group does not seem to be stoppable. The Gibraltar based online casino group is continuing to earn great money for its mainly Israeli owners, with impressive first quarter results. The group’s first quarter results showed 42% increase with its net online casino games revenue rising to $84 million. Online poker revenues increased by 95% to $39 million while casino revenues rose 15% to $45 million.
The online casino group has made a strategic business move to veer away from its America-focused market. This move is based on the uncertain future of the online casino market in the United States and the wish of 888 to shift its dependence on American gamblers. The online casino group has been marketing its wares in Europe and other parts of the world. Five years ago, the online casino group’s share of revenues from the American market was 90% and has moved down to 55%. The group’s goal is to move this figure down to 20-25% within a couple of years.
The online casino group’s share price is currently valued at around GBP 790 million. Online casino gambling is still the bulk of 888’s business, but poker is catching up very fast in its popularity – poker revenues nearly doubled to $39 million.