Business Briefing: What are the odds for 888?
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.When Gibraltar-based internet betting service 888.com reports its interim results tomorrow, it will face a barrage of questions on speculation that the US authorities are planning to claw back up to $120m (£60m) from the firm.
The US Department of Justice is gunning for operators under the Internet Gambling Enforcement Act. Despite its withdrawal from the US market, 888.com and its rival Party Gaming may be forced to cough up profits made before the online gaming ban became law.
Penalties on this scale could put the gaming companies out of business and 888.com will have to convince investors that it has the situation under control.
How has the company performed? Ever since it was forced to withdraw from the US last October, it has been making bullish noises and the City is awaiting a strong performance for the first half of the year.
The company is expected to report a pre-tax profit of $16.4m on revenues of $94.6m. It is estimated that full-year revenues for 2007 will be roughly $198m, up from $157m in 2006.
At the time of America's ban, over half of 888.com's revenues came from the US. But the company only reduced its headcount by 25 per cent. Analysts believe that 888.com's growth is now underpinned by a strong appetite for internet gambling in the UK, particularly among women.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments