888 Plans to Leverage Expertise outside Gaming Industry

10 April 2008

888 Holdings, the online gambling operator, has revealed expansion plans that entail leveraging its e-commerce expertise to assist businesses that are not involved in Internet gambling.

The company, listed on the London Stock Exchange, is building an online payment processing division that will help businesses improve at identifying fraudulent transactions.

Ideal clients for the new venture are highly-rated companies that transact more than £25.4 million, or $50 million, a year, according to Gigi Levy, the group's chief executive.

"The first thing we can offer a customer is an outsourced cashier that brings immediate access to payment methods at lower prices," he said.

Revealing the plan earlier this week in an analyst presentation given in conjunction with his company's interim results, Mr. Levy called the venture "strategically a big move for us."

Mr. Levy said he does not expect the new company to contribute immediate material earnings.

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