888 Holdings
From Wikipedia, the free encyclopedia
| 888 Holdings | |
|---|---|
 |
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| Type | Public (LSE: 888) |
| Founded | 1997 |
| Headquarters | Gibraltar |
| Key people | Richard Kilsby, Chairman Gigi Levy, CEO |
| Industry | Gambling |
| Revenue | US$216.9 million (2007) |
| Operating income | US$33.0 million (2007) |
| Net income | US$34.2 million (2007) |
| Website | www.888holdingsplc.com |
888 Holdings plc (LSE: 888) is a company which operates several high-profile gambling websites. It was founded in 1997 and is a constituent of the FTSE 250 Index.
It has an operating subsidiary, Cassava Enterprises, which is incorporated and operates under the laws of Gibraltar.
Brothers Avi and Aaron Shaked owned approximately fifty percent of the parent-company through family trusts. Another pair of brothers, Shay and Ron Ben-Yitzhak, control approximately eleven percent through a family trust.[1]
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[edit] History
The business was founded by Avi and Aaron Shaked and Shay and Ron Ben-Yitzhak in May 1997 as Virtual Holdings Limited.[2] Casino-on-Net was launched at that time and an administrative centre was established in Antigua.[2] In 2002 Reef Club Casino and Pacific Poker were launched.[2] In 2003 its administrative centre was moved to Gibraltar.[2] It was first listed on the London Stock Exchange in 2005.
In late 2006 Ladbrokes and 888.com announced merger discussions.[3] However in April 2007 the companies announced that due to recent changes of Tax laws in the UK and fears of legal actions by the US government, both parties had amicably agreed not to continue discussions.[4]
In March 2007 888 announced its acquisition of Bingo business of Globalcom Limited for up to $43.4 million in cash.[5]
[edit] Operations
The company operates under a gaming license granted by the government of Gibraltar. Under the terms of the gaming license Cassava Enterprises owns and operates a number of gaming sites (both for real money and educational sites) including:
[edit] 888.com
888.com is Cassava's flagship website. It serves primarily as an 'easy to remember' location and brand and encapsulates Casino-on-Net and Pacific Poker websites. Although it houses no games of its own, 888 is often billed as 'the largest casino website on the Internet'.
[edit] Casino-on-Net
Casino-on-Net is Cassava's online casino branch. It was originally launched in May 1997 and has served 13 million people. The site offers a number of traditional casino games for play, including slot machines, blackjack, baccarat, roulette, craps, pai gow poker, caribbean stud poker, keno, and video poker. Casino-on-Net also offers free 'practice money' versions of its games.
[edit] Reef Club Casino
Reef Club Casino is a casino offering by Cassava which features an 'underwater' theme. It was launched in May 2002 as a more fantasy-style alternative to the real-world style of Casino-on-net. It offers a selection of games similar to that of Casino-on-Net, and also allows players to play for 'practice money' if they prefer not to use real money.
[edit] Pacific Poker
Pacific Poker is Cassava's online poker room branch. It was launched in July 2002 and focuses exclusively on variants of poker and other card games. Traditional poker variants are offered, including Texas Hold'em, Omaha, and Seven-card stud. Like Casino-on-Net, Pacific Poker offers free play versions of its games for players who prefer not to risk real money. Pacific Poker is Microsoft Windows and Apple Macintosh compatible. Players can choose to play on the site's software program or on the non-downloadable game version available online.
[edit] US players
On October 2, 2006, 888 Holdings announced that it had indefinitely suspended business from US customers in light of the passage of the Safe Port Act by the US Congress three days before.[6] On August 14, 2007, the US Department of Justice asked to recoup all profits made by the company in America. This would amount to nearly $120m for 888.[7]
[edit] Sponsorship
Since 2004, 888.com group has been the main sponsor of the Middlesbrough Football Club, with the 888.com name on the club's strip, but was replaced in August 2007 . More recently the 888.com group has become the main sponsor for Sevilla Football Club. In 2006, 888.com became the main sponsor of the World Snooker Championship but terminated the five-year contract in August 2008 after just three years.
[edit] Notes
- ^ 888 Holdings shareholders
- ^ a b c d 888 Holdings History
- ^ Ladbrokes in 888 takeover talks
- ^ Ladbrokes and 888 Holdings amicably end merger talks
- ^ Reuters: UK's 888 buys online bingo firm
- ^ Forbes: 888 suspends business from US customers
- ^ PartyGaming and 888.com About to Write Blank Checks to US Government?
