888 Holdings Prospers Despite the Struggling British Economy

Following a very impressive performance in 2011 British gaming company 888 Holdings expects continued growth throughout 2012 despite the struggling British economy. 888 Holdings which operated several online bingo and casino operations enjoyed a 26.33% bump in revenues in 2011. Reuters reported that the company experienced a large increase in player numbers and the company is predicting strong first quarter results. Online bingo and gambling seem particularly suited to the struggling economy as players look for inexpensive home based entertainment. Because of the economy many players have seen a reduction in their disposable income and are searching for alternatives to an expensive night out at a bingo hall or casino.

There are fears that Europe’s economy may slide back into recession mode because of the Greek debt crisis which is threatening the Euro. Despite the economic fears 888 Holdings posted a $69 million increase in revenues from its online bingo and online casino operations. In 2010 888’s revenues totaled $262 million and 2011 increased to $331 million. Recently the gaming giant announced that they have about 10.6 million registered customers, an increase of 22% from the previous year. Many in the online gaming industry are optimistic about the future. In December the US Department of Justice cleared the way for legal online gambling. Recently 888 announced a partnership with Caesars Interactive Entertainment to extend the company’s British software licensing which would allow 888 to offer real money gaming in the US.

The announcement came on the heels of an agreement between Bwin party Digital Entertainment with MGM Resorts International and Boyd Gaming Corporation. Both American companies have extensive gambling holdings throughout the US and Bwin hopes to supply online gaming when it becomes legal. The internet gambling industry is optimistic about prospects in the US and industry experts are eagerly awaiting first quarter figures from the online gaming industry. 888 Holdings’ share price on the London Stock Exchange is currently 57.25 pence which is more than double the price the stock sold at in 2010. Stock analysts believe that 888 stocks will be a good long term investment for those with extra cash to invest.

888 Holdings has already made a move to enter the US online poker market. The Nevada Gaming Control Board is currently reviewing the paperwork necessary to obtain and Nevada online gaming license. 888 is trying to position itself to become one of the first Nevada license holders. 888 has extensive experience in the UK promoting the WSOP brand.

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