888 Holdings, one of the online gambling industry’s largest players, has reported staggering operational results for the half year to June 2006. The firm’s profits have risen over 88 percent on last year, while net gaming revenues were up 32 percent.
However, the news was dampened somewhat by the announcement that John Anderson, long-time CEO for 888, intends to hand over the reins to the current chief operating officer, Gigi Levy, at the end of the year.
Focusing on the results, Anderson stated that trading in the first ten weeks of the third quarter this year met company expectations. Before tax profit stood at 48 million U.S. dollars in comparison with 25.6 million made last year. Share earnings rose 89 percent to 18.8 cents from 7.3 cent. Net gaming revenues were also up from 123.7 million to 163.5 million.
However, while the news was obviously welcomed by the firm’s investors, Anderson warned that plans to pass anti-gambling legislation, notably the Internet Gambling Prohibition and Enforcement Bill, may have a "material adverse impact on 888's business". Despite efforts to decrease its dependence on the U.S., 52 percent of the firm’s current net gaming revenue came from U.S. players.

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