888 still confident after U.S. ban
By Sarah Polson
In a press release Thursday, 888 Holdings said it is "confident about its prospects" for the full year of 2007 after the first-half trading met managements expectations.
The company, which operates Pacific Poker, plans to announce its interim results on Sept. 10.
888 Holdings was one of the companies initially hit hard when the United States passed the Unlawful Internet Gambling Enforcement Act, effectively banning online gambling in the nation. According to the Financial Times, up to that point, Americans were 55% of the company's business.
The law not only affected the company's profits, but also it's stock, which dropped like several other online gambling companies that are also listed.
Since then, 888 had been in talks with Ladbrokes for a possible takeover by the company, but those talks fell through in April.
888 went the other route after that, looking for acquisitions of its own to bolster its business.
In April it bought an online bingo business for $43 million.
In June, 888 also announced it had initiated preliminary discussions with the U.S. Attorney's Office in New York that is prosecuting NETeller and its founders.
According to the company, they initiated discussions to determine the likelihood of similar charges being filed against the company.
So far, no mention has been made as to the progress of those talks.
By Sarah Polson
In a press release Thursday, 888 Holdings said it is "confident about its prospects" for the full year of 2007 after the first-half trading met managements expectations.
The company, which operates Pacific Poker, plans to announce its interim results on Sept. 10.
888 Holdings was one of the companies initially hit hard when the United States passed the Unlawful Internet Gambling Enforcement Act, effectively banning online gambling in the nation. According to the Financial Times, up to that point, Americans were 55% of the company's business.
The law not only affected the company's profits, but also it's stock, which dropped like several other online gambling companies that are also listed.
Since then, 888 had been in talks with Ladbrokes for a possible takeover by the company, but those talks fell through in April.
888 went the other route after that, looking for acquisitions of its own to bolster its business.
In April it bought an online bingo business for $43 million.
In June, 888 also announced it had initiated preliminary discussions with the U.S. Attorney's Office in New York that is prosecuting NETeller and its founders.
According to the company, they initiated discussions to determine the likelihood of similar charges being filed against the company.
So far, no mention has been made as to the progress of those talks.