What do the numbers 298 and 888 have in common? Well, 888, the popular online gambling company, recently reported a 298 percent increase in first-half pre-tax profits. This time last year, 888 had profits of just $5 million. However, exactly one year later, they currently have a profit of $19 million from January to June.
Still, these numbers are down from when 888 pulled out of the American market. 888 reported pre-tax profits of $48 million last year, before the UIGEA was passed. However, CEO of 888 Gigi Levy stated that even though over 50% of revenues have been lost, “the turnaround we had begun to achieve at the full year (2006) has been successful and we have maintained our track record of profitabilityâ€Â.
Ever since the UIGEA came into effect, 888 has implemented several features to keep the customer’s interest. For example, they recently launched integrated flash entertainment into the tables to keep the player interested. And while they are happy with their current profits, they are not stopping there. 888 has been in talks with U.S. authorities about the possibility of re-entering the American market. After all, is there anything wrong with wanting a bigger piece of pie?
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