Huge 30% Revenue Growth!
9th April, 2008
888, the online gaming firm, are expecting a massive 30% revenue growth this year. This comes after the launch of new online sportsbetting and online bingo sites which they have said have done "better-than-expected".
Gigi Levy, 888's Chief Executive, said on a telephone interview: "Current run rate indicates 20 percent (overall revenue growth), and we are bullish on pushing this. Do I think 30 percent is too much? No, I don't think 30 is too much" adding that the new sites were also seeing very strong growth.
Since 2006, when the US lawmakers closed off the world's biggest gambling market, online gaming firms have been busy rebuilding and refocusing their businesses. Now, two years later, 888 as well as gaming rivals Party Gaming and Sportingbet are locked in negotiations with US the lawmakers.
Reports show that expectations of hefty fines for the firms will be followed by a subsequent rush of consolidation when land-based operators finally decide it is safe enough to purchase fast-growing online firms.
