888 Expects Good 2008 Growth Thanks to Bingo - 04-10-08

April 10 - Online gaming giant, 888 does not rule out the possibility of a 30 percent revenue growth in 2008. The reason for this optimism comes from indications from its new bingo and sports betting platforms, that are performing so much better than expected.

The CEO of 888, Gigi Levy told Reuters in an interview yesterday that he was not ruling out a large increase, thanks to these two sectors. "Current run rate indicates 20 percent (overall revenue growth) and we are bullish on pushing this," he said. "Do I think 30 percent is too much? No, I don't think 30 percent is too much."

Levy was particularly complimentary of the new bingo operation, launched under the brand name 888Ladies at the beginning of the year, and which, according to him, has outdone all expectations at such an early part of the year. "Bingo is doing dramatically above anything that we expected," Levy enthused. "The run rate is currently at where we expected to get to by the end of the year, it's that good."

888, along with several other big gaming companies such as PartyGaming, are presently negotiating with US authorities regarding their operations in the American markets pre-UIGEA. These companies can expect to be hit with hefty fines, but it will level the playing field in the US industry. Levy predicts that a deal will be reached within the second half of 2008.

888 is hoping to double its revenues and tripling profits by 2010. Last year's full revenue report, released on Tuesday, showed that the company had earned $46-million in profits during 2007. This number is expected to rise to $60-million at the end of 2008.

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