April 10 - 888 has cause to celebrate after the company revealed a
106% profit increase from January to December 2007. The company upped its gaming
revenue to a massive $213.4-million, earning itself nearly $46-million in pretax
profits.
The CEO of 888, Gigi Levy, said: "2007 was a year of transformation for 888,
in which we had to restructure our business following the enactment in the
United States of the Unlawful Internet Gambling Enforcement Act in October 2006.
I am very pleased to report that we have now successfully completed the
restructuring and repositioning of the business and have delivered record
results for the year, both in terms of revenue or profit. This demonstrates the
resilience of our business, the strength of our team and the continued
attractiveness of our business model. With many strategic initiatives now
underway, we see a bright future for the business."
Revenue from its online casino brands contributed most to 888's earnings, it
was revealed. Online casinos accounted for 55% of the company's total net gaming
revenues, improving 33% since the previous year. Revenue from poker also climbed
18% to an impressive $80.8-million. Backgammon and bingo, both growing markets,
contributed another $14.4-million.
42% of 888's total revenues came directly from its European market share,
growing by 58% from the previous year. Not surprisingly, the United Kingdom
accounted for the biggest single market. The Americas (the US not included made
up 8% of the company's revenues.
888 has a number of excellent new products that were launched this year,
including its 888Ladies and 888Sport.
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