Although their shares fell 1.7 percent yesterday things are looking up for the UK’s second largest online gambling firm, 888 Holdings PLC. The companies initial public offering was in 2005 at 175 pence each.
Today the shares stands at a lower 115 pence but with a sales increase of 16% in the first three months of this year, compared to the sales in the last quarter of 2006, the company is looking at a hopeful rest of the year.
When the US ban on Internet Gambling was approved last year the firms share price, along with many other public internet gambling firms, plunged 26% on the first public trading day after the news broke. Since the US market made up so much of 888’s customers base, profits also dropped by about half in the fateful month. .
Since then though, 888 has been on a strong fight to get back their profits and customers. They increased their research spending and introduced a new casino game every month in 2006’s last quarter and has focused their efforts on attracting UK and other European players.
The company now gets about 45% of all it’s sales from UK players alone. 36% of the remaining are made up of players though out the rest Europe. Profits in 2006 increased in 2006, partly thanks to the large increase in European customers who played more poker and casino games.
“Trading is in line with expectations, and we continue to look forward to the future with confidence,'' Chairman Richard Kilsby said in a statement.
888 Holdings PLC is one of the World’s most popular online gaming entertainment companies. They are licensed and regulated by the Government of Gibraltar. 888 owns ands operates a number of popular online gaming destinations, including Casino-On-Net and Pacific Poker. 888 is also an official sponsor of the World’s Snooker Championship.
