BUSINESS

Rank Interactive banks on British online gambling boom

TAGs: online gambling business

While parts of the U.S. are still struggling with huge budget deficits and renewed unemployment concerns, the UK is sitting back, sipping a cup of tea, and laughing through their thick accents thanks to climbing revenues from its recently legalized online gambling industry. The industry has been a notable success in the UK, and iGaming businesses across the pond are having a banner year.

One such company is Rank Interactive, the fifth largest gaming group in the country, which has seen its previous misfortunes reverse as it switched from land-based casinos to an online format. For the third quarter, Rank’s shares rose by 7 percent over the previous year’s take. Notable among the rise, was the 15 percent rise in traffic for the site’s online casino, sport and Bingo platforms.

Many analysts believe that Rank’s move online has been long overdue, with market analysts William Birch telling GamblingKingz.com, “I don’t ever see land-based bingo returning to growth. In bingo, they’ve had to work very hard to effectively stand still.”

Online gambling has saved a lot of people’s asses in the UK, as the industry’s growing popularity has lead to an increase in jobs and revenue for the state.

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