888 Holdings Plc. Proves Online Gaming Merit to Investors

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Message was posted: 09:35 Sep 14th, 2006

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888 Holdings Plc. Proves Online Gaming Merit to Investors
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September 14, 2006 - 888 Holdings Plc. showed investors today that online casino gaming stocks are for real, as the company reported record first-half earnings up almost 90% from the previous year, despite heavy pressure inside the US on their online casino gambling business.

In their forward looking statements, the 888 Holdings Plc. said revenues in the first 10 weeks of the third quarter is in line with expectations and they are reiterating their forecasts for the entire year.

The company, who operates their headquarters from London, did warn that if the Internet Gambling Prohibition and Enforcement Bill, currently being considered by the US Senate is passed in the United States, it will have a "material adverse impact on 888's business". According to the statement, about 50% of their business is from US players. The company did point out their business is not involved in sportsbooks at all, which have been major target of US feds.

Despite the great profit, revenue, and earnings-per-share numbers, the company did have an announcement that upset some London investors. CEO John Anderson said he will resign at the end of this year to be replaced by COO Gigi Levy.

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