Positive Q2 Results From 888.Com
Published: Monday, August 04, 2008 Online-Casinos.com
POSITIVE CASINO AND BINGO ACTION IN Q.2 RESULTS FROM 888.COM
Net gaming revenues rise 33 percent in busy second quarter
Quarter 2 revenues at 888.com were boosted by casino and other games offerings, according to a statement from the Gibraltar-based online gambling giant this week.
Key performance indicators include a 36 percent increase in total operating income to US$69 million (Q2 2007 $51 million), and net gaming revenues up 33 percent to US$67 million (Q2 2007: US$50 million).
Online casino action was an important contributor to group results, with NGR climbing 27 percent to US$35 million, whilst net gaming revenues from bingo and other emerging offerings rose a whopping 376 percent to US$12 million. The groups poker results from Pacific Poker were less salubrious, with a 10 percent fall in revenues from Q1 that management attributed to players spending more time watching the Euro 2008 international football action on television. NGR from the group's poker arm was US$20 million.
The company boasts 169 898 active poker players, but revenues per active poker customer during the second quarter declined 9 percent on Q1 to US$116. The number of active casino players rose 1 percent to 77 837. The company had 5.2 million gaming accounts as of the end of June, up from 4.9 million three months earlier.
Overall group net gaming revenue for the six months to June 30 was up 35 percent to US$132 million.
The group said the third quarter had started well, with average daily net gaming revenues during the first 22 days of July 2 percent ahead of the second quarter.
Commenting on the results, 888 chief executive Gigi Levy said: "We are delighted with our Q2 2008 results, especially given that we achieved sequential quarterly growth during a period which is typically seasonally quiet and throughout the Euro 2008 championship. Our various strategic initiatives are progressing well, and given the good start to the third quarter and our clear business strategy, we are confident of delivering future growth during 2008."
Operational highlights over the period included a strategic partnership signed in June with Sportech and a white label agreement with PokerDome (see previous Online-Casinos.com/InfoPowa reports).
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