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The Good and the Bad

Year-end results are in for the 888.com online casinos gambling group and although the company’s revenue is down compared to 2006 results, revenue from outside of the U.S. market has risen significantly. 888.com withdrew from the U.S. internet gambling market after the UIGEA was passed and prohibited foreign gambling operators from processing U.S. gamblers. At that point many online casinos were forced out of the U.S. market – a move that caused internet gambling companies to take a significant hit to revenues and profit margins.

888 is based and licensed out of Gibraltar and has announced the company’s full-year figures. The 888 online casinos gambling group’s year-end revenue statistics came in just above US $34 million, which is in stark comparison to the 2006 revenue figures of US $74.5 million. And while 888’s finances were not looking too rosy at the beginning of 2007, the online gambling group has implemented a highly successful diversification strategy which is managing to keep the company afloat.

As many in the online casinos gambling industry expected, the company showed a severe hit in profits without the U.S. gambling market. But on the up side, 888’s report indicated that the company’s profits on new ventures and in the European and other foreign markets has shown significant increase. The online casinos gambling group’s non-U.S. market rose 36 percent from the 2006 year.

The rise in non-U.S. market profits is largely due to the company’s decision to heavily increase partnerships and new acquisitions while also implementing a successful white labeling division that is already turning around significant revenue for the company.