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888 Says Recession is Receding
 
August 9, 2009

According to the CEO of 888 Holdings Plc, the recession is moving away from the online poker playing and gambling sector and they should start to see significant growth over time. Gigi Levy says that come this time next year they expect to see a sales growth for the online poker and gambling industry of more than 20%.
 
Poker playing has gone down over the past year as the recession has hit and people have had less money to spend on the more frivolous dealings in their lives. Poker playing has taken a back seat to more important things like electric and food – while those that didn’t really have a reason to worry started stock piling money just in case.
 
With revenue from poker playing dropping 12% to $61 million, the online sites took a real hit from the change in revenue. The number of people participating in poker playing online dropped 8% to only 180,000 for their company. They say however that they have started seeing the tell tale signs that the recession is getting better as they have started seeing an increase in the number of poker players again.
 
Not only has the number of players increased but the amount of money that they are spending has increased as well. So they have more poker players and more money – making it a win-win for the company and for the industry. For they are aware that if some of them start doing well again, then many more of them will do well also.