Online Casino Technology Group Profits Up 42 Percent
It may be currently involved in a controversial affiliate dispute but online casino technology group 888 continues to generate record profits for its Israeli board. The online casinos firm’s first quarter results for this year indicate continued progress and first quarter net revenues were up 42 percent. Net gaming technology revenue rose to $84 million in the first three months of 2006, while the online casinos firm’s poker revenues increased 95 percent to $39 million.
Revenue for 888’s online casinos also rose 15 percent to $45 million. The company’s recent move to diversify away from U.S. fans of online casinos due to the uncertain climate gambling experiences in the U.S. has been seen as a major business achievement. By tapping into new markets, 888 has decreased the share of revenues it gets from the U.S. casino technology players to 55 per cent from 90 per cent five years ago. The online casinos firm intends to lower the rate to between 20 to 25 per cent in the future.
News of the online casino technology firm’s first quarter results boosted share prices. Currently 888 is worth 790 million pounds sterling. Its record poker revenues have been attributed to a new multi-hand feature that appears in the software used by the group’s online casinos.