888 CEO Sees Growth in Online Gambling Revenues

It's no secret that the current global economic crises - the worst in over 60 years - has had a sever impact on most industry's around the world, the online gambling industry being no exception. 888 Holdings Plc, for instance, saw a 12 percent drop in its revenues since last year, but the firm's CEO is confident.

According to Gigi Levy, who heads up the mammoth online gambling company, currently the second-biggest in the United Kingdom, the worst of the recession is behind us and the online gambling industry as a whole can look forward to growth in excess of 20 percent by 2010, as consumers confidence comes back.

'We feel a lot more confident that the online gambling industry's going back to its normal growth trend, rather than continuing to be hurt by the recession,' said Levy in a recent telephone interview. 'We're looking at our first quarter as the lowest point, and aiming to grow from there.' Levy was referring to 888's Q1 results.

In the first quarter of 2009, 888 - which owns and operates many of the internet's most popular and successful online casinos and poker rooms - reported a drop in its revenues to $61 million and drop in the number of its active players by 8 percent to 180,000, the firm's lowest revenues and player numbers in recent times.

However, Levy's optimism for the future not only bodes well for 888 - and its shareholders - but also for the rest of the online gambling industry hard-hit by the recession, and before that the online gambling ban in the United States. Gambling firms were forced to rally after the lucrative U.S. market became 'off-limits'.