888 Online Casino Group Quarterly Up 42%
Published: Thursday, May 11, 2006 Online-Casinos.com
888 ONLINE CASINO GROUP QUARTERLY UP 42 PERCENT
Net gaming revenue hits $84 million in first three months to March 31, 2006
It may be mired in a controversial affiliate dispute (see previous Online-Casinos.com & InfoPowa reports) but Gibraltar-based online casino gambling group 888.com continues to earn big money for its mainly Israeli owners, with first quarter 2006 results showing continued impressive progress.
First-quarter net revenues were up 42 percent year-on-year with net gaming revenue rising to $84 million (GBP 45 million) in the three months to March 31, a company release reported. Poker revenues increased 95 percent year-on-year to $39 million, while casino revenues rose 15 percent to $45 million.
888.com's diversification away from too heavy a dependence on US gamblers due to uncertain legislative develkopments in that country is seen as an important business achievement. By driving business into Europe and other parts of the world, it has purposefully cut the share of revenues it gets from the US to 55 per cent from 90 per cent five years ago, with the declared goal of getting it down 20 to 25 per cent.
On current share prices the group is valued at around GBP 790 million.
Onlien casino gambling still accounts for the bulk of 888's business, but poker is catching up rapidly, helped by a new multi-hand feature in the Random Logic software - poker revenues nearly doubled to $39 million.
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