Positive Numbers From 888 Online Casino
Published: Wednesday, November 02, 2005 Online-Casinos.com
POSITIVE NUMBERS FROM 888 ONLINE CASINO
Nine month casino revenues up 16 percent, and poker climbs by 204 percent
For a traditionally weak time of the year, 888 Online Casino's much anticipated
latest quarterly results indicate buoyant business conditions and should add
to confidence in the industry already bolstered by the excellent results fromSportingbet
recently.
The world’s largest online casino's Q3 key performance indicators and trading
update this week revealed an overall rise in net gaming revenue to US$70 million,
an increase of 56 percent compared with last year.
Breaking the results down, 888 casino net gaming revenues grew by 18 percent
to $40.5 million but poker was the star in growth terms with an increase of
178 percent to $29.5 million for the three months ended 30 September 2005.
Commenting on the results, 888 chief executive John Anderson, said: “Our
performance for this three month period has been particularly pleasing given
that historically, trading for the casino segment in July and August is the
weakest for the year.”
Cumulative results for the nine month period ending 30 September 2005 revealed
an overall rise to US$194 million, an increase of 51 percent compared with the
same period in 2004.
Net gaming revenue from the casino business increased 16 percent to US$120.4
million for the first nine months of 2005, while net gaming revenue from poker
rose to US$73.4 million for the nine month period to September 2005, a 204 percent
increase compared with the same period in 2004.
High traffic levels, combined with 888’s customer retention and acquisition
strategies, played a significant part in creating the strong revenues which
on present indications should have continued through the month of October. The
number of people who gambled with 888 between July and September was up 118
percent on the same period last year to 316,553, boosted by a huge increase
in poker.
The number of people who played on 888’s poker tables in the third quarter
was 143 percent higher at 228,252 than in the same three months last year. Third-quarter
average poker spending per player was $129, up 19 percent on the second quarter.
888 has more than 20 million account holders worldwide playing its gaming website,
which include 888.com, Casino-on-Net.com, PacificPoker.com and Betmate.com.
It is based in Gibraltar and has offices in Tel Aviv, Antigua and London.
Today’s trading statement was the first since it listed on the London stock
market last month.
CEO Anderson referred to the Party Gaming pessimism several weeks ago
which caused alarm among investors, saying that those (Party Gaming) concerns
were more likely specific to PartyGaming at that time than to the industry as
a whole.
"As we said on the roadshow to all the investors who asked that question,
I thought that it was a company-specific issue and not an industry-specific
issue, and I think that has been borne out to be correct," he said.
Analyst Greg Feehely at Altium Securities said "This suggests that
the online poker market is either growing more strongly than PartyGaming would
have us believe, or that 888.com Casino is taking market share, possibly both,"
he said.
Customer acquisition costs are stable compared with the period during the roadshow,
Anderson said.
Related Pages:
- 888 Online Casino Review / Casino on Net Review
- Pacific Poker Room - Sister site to 888 Online Casino
- Article About The Man Behind 888 Casino Online
