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Online Blackjack News - 888 Reports Return to Pre-UIGEA Profits
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When the dreaded UIGEA came into force, many online gambling companies the world over were shocked and dismayed to find that a sizable portion of their client base was wiped out. They could not serve American players any more. In the year that followed, many firms had to shut down, or try to find new markets in Asia, Europe and Latin America.
One of the companies that was hurt seriously by the UIGEA was 888 Holdings. However, it seems that things have taken a turn for the better for the online casino. 888 declared its turnaround a success after a US ban on internet gambling saw it lose 55% of its revenues last year. The firm, which operates the brands Casino-on-Net and Pacific Poker, reported a 298% rise in pre-tax profits on continuing operations to 19 million US dollars (£9.4m) for the six months to June 30. 888 also announced a partnering deal with Tower Torneos to develop gaming sites for the Latin American market.
The company's efforts to offset October's ban on US internet gambling saw it stage an "intense marketing campaign" in territories including the UK. As a result of sponsorships, including the Seville football team and the World Snooker Championships, the company said a recent survey gave 888.com the highest level of brand awareness of any gaming and betting websites in the UK. Chief executive Gigi Levy said the company's turnaround had been successful, adding that the second half of the financial year had started strongly with record turnover in July. He said: "This strong result, for what is traditionally one of the seasonally weakest months of the year, leads us to believe that we will see additional growth in the second half."
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| Source:
Blackjack2002 News Staff
| Tuesday, 11 September 2007 |
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