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Profits are Up

Another online casino gambling group has announced very decent full-year results for the 2008 financial. The majority of the gaming industry has reported that although there have been tough economic woes in nearly every sector of the economy, profits are up. 888 Holdings is just one of the latest companies to perform well throughout 2008 with hopes for the coming year as well. The company reported that pre-tax profits are up 6 percent – very decent considering the state of the economy. 888 Holdings has employed a sound growth strategy in light of the current economy and for the 2009 financial year will have white labeled online casino sites contributing to the companies profitability.

The online casino division of 888 performed outstandingly well according to the report. Revenues at the gaming site rose a to Euro 135.1 million – that’s a 14 percent increase in annual revenues from the site in 2007. Internet poker did not actually perform nearly as well – a 4 percent drop in revenues comes in at just Euro 80 million throughout 2008. This was a bit in line with predictions though, 888’s online casino offerings are more diverse and developed than the internet poker sites – poker is still a growing medium for 888 Holdings.

Predictions for the company’s performance in the 2009 financial year remain mostly optimistic despite the currently slowing economy. Q1 profits are actually a bit down form the fourth quarter of 2008 – that is not entirely unexpected however, many online casinos and internet gambling companies report that the first quarter of the year is a bit slow – 888 Holdings expects to strengthen in the second quarter and continue small growth throughout the year.