888’s Movements May Reflect the Future of the UK Gambling Industry
Online gaming company, 888, has increased its revenue by £10 million over the past six months which shows that the business now values itself at over a quarter of a billion. 888 does not rely on those with gambling addictions to keep their business afloat. This new growth is a testament to that fact because just last week they received a massive fine from the government for not properly conducting their business.
Despite that fine and some bad publicity along with it, the company seems to be thriving and remains amongst the top online gaming companies. Some industry professionals have a hunch that the company remains so successful because of their ever increasing volume of games. They also have many different types of games, with new ones always coming. They have everything from sports betting to poker to bingo and everything in between.
In addition to their continuously growing gaming selection, the company also seems to be pulling away from Britain. Their shares from the UK dropped from 46% to 39% in only a year. Industry gurus are agreeing that this is not a bad decision for the company considering the massive fines they have faced in addition to the possibility of the UK enacting new taxes on casinos all over the country, including online ones. These taxes will mainly affect casinos, poker games, and bingo free bets. The UK has also recently discussed limiting the amount of TV advertising casinos can play.
On top of all of this, the UK has also conversed clamping down on fixed-odds betting terminals. They have also collected an additional £500 million in extra taxes each year thanks to newer taxes on bookies. Whitehall is campaigning with the notion of clamping down hard on the casino industry as well which will not benefit the company should his ideas be put into action.
Millions of Brits are against all this change as they love the betting and gambling industry. It is also an industry earning multi-billions for the country as well as creating jobs. These are some of the many reasons that 888, and similar companies, are inching their way to other markets where they will not be so heavily regulated.
It will be interesting to see how the rest of the industry responds to these movements from the UK. Many companies may take the same actions as 888 has, beginning to pull out of the UK and focus their attention on other nearby countries instead. Depending on the severity of the industry’s actions, it could potentially affect the overall wellbeing of the UK’s economy.