Gaming Revenues Rise Despite Struggling Economy

After an impressive performance in 2011 gaming firm 888 Holdings expects continued growth throughout 2012. The company continues to prosper despite a struggling British economy. The gaming giant enjoyed 26.33% growth in revenues in 2011. 888 Holdings operate several online casinos and has an extensive online bingo presence. 888 told reporters that they expect strong first quarter figures in 2012. Some gaming industry observers say that Britain’s austerity measures may be responsible for the company’s strong performance.

Because of the economy many in the UK are choosing to stay home which is good news for online bingo and casino operators. Austerity measures have cut into Briton’s disposable incomes and many are seeking inexpensive home based entertainment. The weather has been partially responsible for revenue increases. A series of storms and cold weather has disrupted economic activity across Europe and many players stranded by the weather have turned to online bingo and casinos for entertainment. In 2010 many online bingo operators reported a spike in revenues during a series of strong arctic storms that devastated the UK.

888 Holdings reported a $69 million increase over the previous year’s $262 million for a total of $331 billion. The company also announced a 22% increase in the number of players at websites owned by the company. Currently 888 has about 10.6 million customers. 888 is also eying the US gaming market. A recent DOJ decision opened the gates for online gaming in the United States. The company hopes to enter new markets as governments liberalize their laws regarding internet gambling. Recently 888 and Caesars Interactive Entertainment announced plans to extend their UK software licensing agreement to offer “real money offering” gaming in the United States.

888 is not the only British gaming firm interested in entering the lucrative US gaming market. Late last year Bwin party Digital Entertainment announced plans to partner with MGM Resorts International and the Boyd Gaming Corporation to supply online gambling services to a liberalized US market. Optimism is running high in the gaming industry after the recent DOJ ruling and most gaming companies expect positive first quarter figures. After the DOJ decision gaming stocks were up on most global exchanges and many analysts expect this trend to continue. American players are eagerly awaiting legalized online gambling and hopefully games will be available by the end of the year.

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