Gambling a Profitable BusinessPublished May 1, 2006 by OCR Editor
Last month, an article in the Observer focused on the fortunes of some of the biggest online casinos in the world. The British daily listed numerous sites that have recorded millions in profit.
The Observer revealed that one of the most lucrative deals between operators in 2005 was the sale of Coral Eurobet to Gala Casinos. The firm is Britain's third largest bookmaker, which was valued at 378 million pounds sterling three years ago. Today the firm is owned by Gala and valued at 2.1 billion pounds. The company is expected to float publicly this year with industry insiders predicting that its IPO may well exceed over 4 billion pounds. Sporting Bet and 888 Holdings also received a mention in the Observer, with the most interesting floatation on the London Stock Exchange being awarded to software firm Playtech.
Strong growth is predicted for the industry with the poker bubble showing no sign of bursting. The European and Scandinavian markets are proving especially lucrative for those operators seeking to distance themselves from the US and its anti-gambling policy.