888 Quarterly Revenues Rise
By Staff
888 Holdings, the UK’s second-largest online gaming company, has reported a 33 percent increase in sales for the second quarter of 2008 following the introduction of bingo and sportsbetting.

The Gibraltar-based company revealed that net gaming revenues climbed to $67 million from the $50 million seen a year earlier while the average daily amount won from gamblers rose two percent for the current quarter’s first 22 days.

888 stated that the launch of its 888Ladies.com bingo site alongside backgammon helped restore revenues after the company lost over half of its sales when the US barred foreign gaming websites in 2006 under the Unlawful Internet Gambling Enforcement Act (UIGEA). It revealed that it also added sportsbetting in order to keep customers playing during events such as June's Euro 2008 soccer tournament.

The figures revealed that net revenues from casino games, the main contributor, climbed 27 percent to $35 million, while poker sales were unchanged at $20 million. Revenues from so-called emerging games, mostly bingo and sportsbetting, rose six-fold to twelve million dollars.

The statement showed that operating incomes for the second quarter increased 36 percent to $69 million while the company had 5.2 million accounts as of the end of June, which was up from 4.9 million three months earlier.

Poker revenues gained two percent over the first six months of the year, slowing from five percent in the first quarter. 888 blamed the slowdown on the month-long Euro 2008 drawing some customers away because some ‘overlap’ exists between online poker players and soccer watchers.

 
 
 
 
 
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