888: Everything is Great

Written by:
C Costigan
Published on:

One of Gambling911.com’s newest sponsors, 888.com, felt compelled to ensure its customer base that all is well following the yanking of Full Tilt Poker’s license in Europe yesterday.

Of course, 888 doesn’t have indictments hanging over its head from the US Justice Department charging money laundering and bank fraud.

So, yes, 888 is perfectly fine and we would encourage you to check them out.

Here is the notice that was sent out to affiliate website owners:

Recent events shook the world of online poker and we understand that many affiliates and their players felt the tremors. We are writing to you today with full confidence that the 888poker brand is as strong, safe and lucrative for affiliates than ever.

As you already know, 888 Holdings Plc. is a publicly traded company that holds EU-licenses for all of its online gaming sites. You can be rest assured that 888poker meets the regulatory standards of the most prestigious governing bodies worldwide and has always maintained the highest level of compliance.

Affiliates are our most valued partners and for that reason we have significantly expanded our acquisition offers so that you have the best tools to do your job with. We're investing more in TV campaigns in the UK, increased our guaranteed tournaments, added more summer freerolls and threw in a new reload bonus too.

Publicly traded 888 Holdings got some good news from Peel Hunt just prior to Wednesday’s Full Tilt Poker news.

Peel Hunt upgrades 888 Holdings (888.LN) to hold from sell as the shares decline beyond the brokerage's fair value target price of 37p, while its top line seems to be performing well. Says, "of course there is always the issue with 888 over how much of this is finding its way to the bottom line. However, Ebitda margin is a greater focus going forward and a hold [rating] now looks more appropriate." A prospective EV/Ebitda of 6.9x to December '11 doesn't look overly cheap for a company with a checkered track record. But adds, "if the margin opportunity is grasped then the multiple could come down rapidly." Shares closed Friday at 30.50p.

- Chris Costigan, Gambling911.com Publisher

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