Monday 1st September 2008 888 Achieves Record Profits
888 Holdings, the second-largest UK online gambling company, has announced that first-half profits rose by 40 percent thanks to new games spurring more bettors to open accounts.
The Gibraltar-based firm revealed in a statement to the London Stock Exchange that net incomes rose to $18.9 million from $13.5 million a year earlier while net gaming revenues climbed 36 percent to $131.5 million.
888 introduced its 888Ladies.com online bingo site in order to boost revenues after loosing half its sales following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006 and subsequently added sportsbetting site 888Sports.com to lure customers during events such as June's Euro 2008 soccer tournament.
'The first half of 2008 was very successful for 888 Holdings as our innovative strategy, enhanced offering and strong brand enabled us to achieve record half-year results and a seventh consecutive period of quarter-on-quarter growth,” said Gigi Levy, Chief Executive Officer for 888.
“Revenues from our core operations have been boosted by the successful launch of 888Ladies.com and 888Sport.com and our addition of over 1,000 best of breed games will help increase revenue further.”
The firm revealed that net gaming revenues from casino games, its main contributor, climbed 31 percent to $70.5 million while poker sales advanced 2.2 percent to $41.7 million. In addition, revenues from games such as bingo and sportsbetting rose eightfold to $19.4 million.
“The third quarter has started as expected led by the emerging offerings as well as stronger poker net gaming revenues following the lower activity we saw throughout June and the Euro 2008 football championships,” read the statement from 888.
“This is very reassuring given that the third quarter is traditionally one of the seasonally weaker periods of the year and leads us to believe that we will see additional growth throughout the second half of 2008.”
Source: OnlineCasinoNews
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