888 Enjoys US Revenues Boost
888 Holdings has said it is expecting to start seeing the benefits next year of the easing of restrictions on internet gambling in the U.S. 888 is already operating in Nevada and it is expecting for markets in Delaware and New Jersey to go live in the coming weeks.
Chief Executive Brian Mattingley said, “In 2014, we should start to see some meaningful revenues come through.”
Mattingley went on to say that he is optimistic that larger states, such as New York and California, will also relax their laws. However, he did caution that the regulatory process is extremely hard to predict.
In a recent trading statement 888 said group revenues rose 2% to $94 million in the third quarter and that it is trading in line with its expectations. Shares in the company rose slightly, 0.24% to 164.4p which valued the company at around £575 million.
Ivor Jones, an analyst at Numis pointed out that revenues were increasing faster earlier in the year, “Growth in the U.S. is coming along just in time to offset slowing growth in some of the current core products” he said.