Online gambling company 888 Holdings has reported that offering its gaming technology to other providers under ‘white label’ agreements and new platform developments have restricted the damage of being banned in the US.
Gigi Levy, chief executive of 888 Holdings said: “This year was marked as a year of innovations and initiatives,” explaining that the strategy to offer its online gaming technology as a ‘white label’ to partners such as Rileys Poker had offered the company strong strategic alliances.
The Gibralter based company has also invested in a single platform that allows access to its entire range of games from one site. Levy said, “This approach clearly enhanced revenues from customers who were able to play any game they wanted without limitations and enabled us to better cross-sell and up-sell to our customers.”
The company has also opened its platform up so that its games can be integrated with those from other providers. A sports better platform was developed in 2007 and launched in early 2008. Early indications show that it has been a success.
888 Holdings reported today that its revenues for 2007 rose by 36 per cent to $213.4 million, but that profits halved. In 2006 888 Holdings reported profits of $74.5m, but only achieved $34.2m in 2007. The company, like all online betting operations, was hit by legislation in the US which effectively banned online gambling in the US. From the fourth quarter of 2006 the company had to exit the US market, which had been its most lucrative. Following the US exit there were talks between 888 Holdings and bricks and mortar based betting shops Ladbrokes, but nothing developed.