888.com Turns In A Good Third Quarter
Published: Tuesday, October 30, 2007 Online-Casinos.com
888.COM TURNS IN A GOOD THIRD QUARTER
37 percent growth in revenues for online gambling group
Gibraltar-based online gambling group 888.com has delivered another round of good results with the publication this week of its third quarter 2007 report.
Net gaming revenues over the quarter rose 37 percent to $52.5 million (2006: $38.3 million) and the company reported strong trading into the fourth quarter with the launch of 888.it - an Italian targeted sportsbook - and a major television advertising initiative. During October the 888 operations saw daily casino and poker revenues climb 11 percent, a good auger for the coming fourth quarter.
"We are very pleased with our results released today, which were achieved in what is typically the slowest quarter of the year," said CEO Gigi Levy. "With the continued roll-out of innovative product offering and our expansion in new geographic markets we are confident about our performance in 2007 and beyond."
Of particular note was the $4.9 million in backgammon and bingo revenues compared with zero revenues last year, whilst casino and poker income rose 24 percent to $47.6 million (2006: $38.3 million) whilst average per capita spend by active members on the company's books rose 6 percent to $227 during the quarter.
"Net Gaming Revenue in Q3 climbed 5 percent higher than Q2 with September being our best month since we withdrew from the US," Levy said. "This record month has been exceeded in October with growing momentum following the launch of our TV advertising campaign."
The number of active 888.com customers has grown by 17 percent to 209 811over third quarter 2006 numbers, with a total of 4.4 million real money casino and poker players in total registered on the books as at September 30 - another significant increase over the same period in 2006.
Group net gaming revenues for the nine month period to the end of September 2007 also showed a marked increase of 28 percent, reaching $149.3 million, compared with $116.5 million in 2006, with poker and casino contributing $142.2 million of this amount.
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