888 Announces 23% Rise in Online Casino & Gambling Revenues
Date Added: November 27, 2008
Online gaming operator, 888 recently released their financial results for the third quarter of this year. Their net gaming revenues have risen from a total of $53 million to $66 million for the same third quarter period last year. These figures represent a 23 percent increase in revenues for the online gaming operator.
The CEO of 888, Gigi Levy stated "We have delivered another quarter of solid performance, which was impacted by the global economic crisis and the extreme volatility in exchange rates."
Overall, 888's total operating income for the same third quarter period last year was up 24 percent from $55 million to $68 million. Their biggest increase could be found from their emerging offerings which rose a whopping 121 percent to a total of $12 million. Their net gaming revenues from their online poker operations did not move from the $19 million they were at last year. Their net gaming revenues from their online casino operations however grew 18 percent up to $34 million.
Net gaming revenue per active customer of an 888 casino or poker room were up by an overall figure of 8 percent, from $227 to $245. The number of active customers for 888 in their third quarter increased to 216,727 – a 3 percent increase. A further breakdown of the figures reveals that the increase was seven percent for their casino players up to 77,949 and a 1 percent increase of poker players up to 169,607.
Looking at the rest of the year shows that the net gaming revenues for the first nine months at 888 increased 31 percent from $151 million to $197 million in the same period in 2007. Their total operating income experienced similar increases, rising from $152 million to $203 million – an increase of 33 percent over the same period in 2007.
Levy claims that 888's underlying business is as solid as ever, despite the global economic upheaval, as "demonstrated by the constant deposit size by local currency." He concluded by saying that 888 is confident of their business model and strategy. He stated "Our firm foundation of business to customer earnings will be complimented by our growing business to business line of business, which will be an increasingly large contributor over the medium term."
If 888's increases in net gaming revenue over the past year are an indicator of future performance, the online gaming operator is worth keeping an eye on.
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