Internet Bingo and Gaming Operators Post Strong Year End Figures

It’s no secret that many in the UK have been greatly affected by the global recession. The nation has a high unemployment rate and social service budgets are strained. Stocks are down and currencies are fluctuating wildly. Believe it or not there is one business sector that is actually benefitting from the economic downturn. Online gambling, and in particular online bingo operators, are posting strong year end reports. According to an article by Reuters News Service 888 Holdings expects its core profits for 2011 to be well above market expectations. The business has benefitted from its bingo, casino and poker operations.

The dismal economy has actually helped internet bingo and gaming operators as cash strapped Britons stay at home watching television and gambling on the internet. Many Britons fear that the country will sink back into another recession and are cutting expenses and discretionary spending. 888 Holdings, which operates casino, internet bingo sport and bingo brands, said that the company will invest in several newly regulated markets across Europe. In a statement the company said “This significant strategic investment, along with the increases in gaming duty, will have an impact on the group’s profit expectations. However, the board still expects results for the year ending Dec. 31 2012 to be slightly ahead of current market expectations.”

Several internet gambling companies are trying to break government monopolies in several European Union nations. The new markets are very lucrative and produced more than 80 billion Euros in 2010 and the numbers are expected to increase making European markets even more attractive to internet gambling operators. 888 posted very strong third quarter figures and revenues jumped by an impressive 42% year on year. In a statement 888 said “888 therefore expects clean EBIDTA [earnings before interest, tax, depreciation and amortization] for the year ending 31st December 2011 to be significantly ahead of market expectations. 2012 is set to be a year of major opportunity for 888, with the opening of several newly-regulated markets across Europe. The Group intends to invest in these markets in order to establish and build market share.”

For internet bingo operators winter is traditionally a profitable season. UK residents tend to stay at home and entertain themselves. Last year when a series of severe winter storms struck the UK internet bingo and gaming operators reported a spike in the number of players online at any given time. It looks like internet bingo and gaming has a very bright future.

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