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888.com, the incredibly successful online casino group
based in Gibraltar, reports continued prosperity despite the loss of the mighty
US online casino market. Expansions into other online casino markets have
apparently offset the loss incurred by new US legislation.
In the face of the devastating US online casino market shut
down, the 888 group enjoyed a revenue boost of 7% in 2006. Net online casino
revenues for 888.com in 2005 were $271 million. 2006 online casino revenues
were $290 million.
The Unlawful Internet Gambling Enforcement Act, the law
that shutdown online casinos in the US, forced the 888 group to diversify
geographically. More specifically, the UIGEA banned internet financial
transactions with online casino sites.
Online casino revenue from non-US operations jumped 28% at
$157 million. On the other hand, once the new law went into action in October
of 2006, the group witnessed a 37% drop of first time online casino depositors.
Still the end result was positive. The final quarter of
2006 brought the online casino group a 35% increase in real money memberships.
Additionally, 888 felt confident in their growth with 3.6 million members
currently gambling at their online casino.
Gigi Levy, CEO of the 888 group, stated optimistically, “We
are encouraged by the strong current trading and remain confident for a
successful full year outcome.” After September 29th of last year,
the last day of trading before President Bush signed the Unlawful Internet
Gambling Enforcement Act, shares of 888 have dropped 24%.
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