888 To Target France And Italy
11th November, 2009
According to reports found in the financial times, 888 holdings are targeting France and Italy. The operator’s chief executive Gigi Levy indicated that 888 will seek to gain a license from France when the regulated online gambling market opens up and will also push into Italy’s expanding market.
The French market is set to become a battleground in 2010 one the Government passes legislation to legalise online gambling in time for the football World Cup in South Africa. At first the French market will be limited to poker and sports. However Italy will add bingo and casino to the market by early 2010.
“We have pretty big plans for France and very big plans for Italy,” said Mr. Levy. “We are going to continue to invest in the UK, but also in continental Europe.”
The company unveiled a 10% drop in operating income during the third quarter in comparison to the same time last year. Although 888 has reported that the fourth quarter has begun well.
“Activity levels are pretty frequent and people are spending slightly more money and more time with us,” Mr Levy said.
Casino is leading 888’s revival, he added, however trading in poker continued to be tough. “We have seen some increase in poker liquidity. We have experienced the worst of our poker decline,” said Mr Levy.
Paul Leyland, analyst with Collins Stewart, said even though current trading is encouraging and 888 have made good operational progress, he remains vigilant on its trading prospects.
“We do not see clear evidence of a meaningful return to growth and we see the rating as stretched while both the macro and the regulatory outlook remain uncertain,” said Mr. Leyland.
By Faye
