888 Poker May Apply for Nevada Gaming License: Second Quarter Revenues Surge
888 Holdings may consider applying for a Nevada gaming license amidst release of “stellar” 2011 2nd quarter revenue numbers.
The publicly listed company announced its intentions Thursday saying it was in “advanced stages” of talks with Caesars, the world’s biggest casino company, about partnerships.
In an interview with Bloomberg News, Caesars Entertainment Corp., Deputy Chairman Brian Mattingley said: “We would love to do it with them.”
He noted that 888 would decide whether to try for the Internet poker license by “mid-autumn.”
Competing companies like William Hill have purchased sports betting outlets in Nevada while Playtech Software entered into an arrangement with a California company to provide its online poker product to residents of that state in anticipation of legalization.
News of a possible 888 Poker entry into the US market comes as 2nd quarter revenues are up 29 percent, led by casino and poker games. The company revamped its online poker platform over the past year to make the product more appealing to casual gamblers while adding features such as webcam poker.
888 rose 2.25 pence, or 6.8 percent, to 35.25 pence at 9:45 a.m. in London, after earlier gaining as much as 9.1 percent. The shares have fallen 36 percent so far this year, giving the company a market value of 122.2 million pounds ($197 million).
888 Poker became a sponsor of the Gambling911.com website as part of the news organization’s aggressive expansion into the European and Latin American markets. 888 has begun offering promotions that include a free $1400 casino bonus for first time customers.
- Aaron Goldstein, Gambling911.com
