Top Online Casino Targets Fantasy Sports World
888, the top London-based online casino gambling provider, announced they are looking to shift their US business strategy to the fantasy sports market.
According to 888 COO Giggi Levy, "Our core competency is not online casino gambling, it's creating online communities, then selling products and services to those people", he said.
"The idea is to reuse our core competencies in other products, and we believe fantasy sports is truly an opportunity," he says.
These types of comments have sent investors running. The share price of their stock is down about 80% since May. No one actually believes that 888 can replace their US-based gaming business with fantasy sports.
The US Anti-Internet Gambling ban, which was approved by Congress late Friday evening, is awaiting approval from President Bush.
Most industry insiders see 888's statement as a desparate plea for investors to hold on.
"At this stage in the game, it would be almost impossible for 888 to enter the fantasy sports market. With all the high-tech competition, they wouldn't see profitability for at least 3-5 years, if any," said Kent Graffling of the Fantasy Football Reviewer.
October 3, 2006
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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