US expansion for 888

Gaming firm 888 Holdings is “California dreaming” as it places its bets on the easing of a ban on internet gambling in US states to boost revenues.

A ban on internet gambling in the US is being eased GETTY IMAGES A ban on internet gambling in the US is being eased [GETTY IMAGES]

A strong performance by its casino games, which grew revenue by 19 per cent, helped the FTSE 250 company post its 12th consecutive quarter of year-on-year growth, offsetting a 21 per cent drop in bingo revenue during the third quarter. Group revenue was up 2 per cent at £58million on the previous year.

By the end of last month, 888 had nearly 15 million casino, poker and sport customer accounts, an increase of 19 per cent over the past 12 months.

Growth in the US is coming along just in time to offset slowing growth in some of the current core products

Ivor Jones

Internet betting was banned by the US Congress in 2006 but tax-hungry states have started to relax rules and 888 is already operating in Nevada, with markets in Delaware and New Jersey set to go live in the next few weeks.

Chief executive Brian Mattingley said: “California is the prize. We are working flat out to identify some quality partners out there.”

Numis analyst Ivor Jones said: “Growth in the US is coming along just in time to offset slowing growth in some of the current core products.”

Would you like to receive news notifications from Daily Express?