888 Holdings is expecting a record rise in revenue due to the ease of internet gambling. Several states have approved internet gambling and more to follow. 888 is postioned to benefit big time from these changes. It allready has an online casino in Nevada with Delaware and New Jersey to follow shortly.
“In 2014, we should start to see some meaningful revenues come through,” Chief Executive Brian Mattingley said, talking about prospects in the American market.
Tax hungry states are lifting rules to get more revenue. Internet gambling was banned in 2006 by former President Bush. Major markets like New York and California are the prized markets because of the population. Online casino operators will feast on these states like sharks.
In a trading statement, 888 said group revenues rose two percent to $94 million in the third quarter and that it was trading in line with its expectations.
Shares in the company were slightly up, 0.24 percent, to 164.4p at 0730 GMT, valuing it at around 575 million pounds ($918 million).
Analyst Ivor Jones of Numis noted that revenues had been increasing more rapidly earlier in the year.
“Growth in the U.S. is coming along just in time to offset slowing growth in some of the current core products,” he said.
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