Internet gaming firm to expand in Europe
Posted by Gavin Smith on 16 Nov 2009 at 14:11
Online gambling firm 888 Holdings is looking to make significant moves in France and Italy, according to reports.
The Financial Times says the company will look for a licence from France when it opens up a regulated market and will also muscle in on Italy's growing market.
France is likely to grab much of the attention over the next few months as it moves towards gambling online. Initially only sports and poker betting will be allowed, with Italy planning to tack on casino and bingo to its market next year.
Quoted by The Financial Times, 888's chief executive Gigi Levy said: "We have pretty big plans for France and very big plans for Italy.
"We are going to continue to invest in the UK, but also in continental Europe."
The firm said operating income had dropped 10 per cent in the third quarter compared to the same period last year, but said trading in the fourth quarter had started well.
Figures show an increase in daily average revenues and recruitment of new players went up 8 per cent in the initial five weeks compared to the average from the third quarter.
Analysts said while the firm had made good recent progress, there was reason for caution in relation to its trading prospects.
