888 Revenues Rise 23 Percent
By Staff
Gibraltar-based online gaming operator 888 has announced its financial results for the third quarter showing a 23 percent increase in net gaming revenues to $66 million from $53 million for the same period last year.

In addition, the firm reported that its total operating income for the third quarter was up 24 percent to $68 million from $55 million last year while net gaming revenues from its casino business grew 18 percent to $34 million. Net gaming revenues from its poker operations remained static at $19 million while those from its emerging offerings rose an impressive 121 percent to twelve million dollars.

The number of active customers over the third quarter for its casino and poker businesses increased three percent to 216,727. This broke down to a seven percent rise for casino to 77,949 while those for poker grew one percent to 169,607. Net gaming revenues per active casino and poker customer were up eight percent to $245 compared to $227 last year, an eleven percent increase to $441 for casino but a one percent drop for poker to $111.

888 also revealed that the net gaming revenues for the first nine months of the year were up 31 percent to $197 million from $151 million in 2007 while total operating income grew 33 percent $203 million from $152 million.

“We have delivered another quarter of solid performance, which was impacted by the global economic crisis and the extreme volatility in exchange rates,” said Gigi Levy, Chief Executive Officer for 888.

“Our underlying business remains as solid as ever as demonstrated by the constant deposit size by local currency.

“Despite external adverse economic conditions we are confident in our business model and strategy. Our firm foundation of business-to-consumer earnings will be complemented by our growing business-to-business line of business, which will be an increasingly large contributor over the medium-term.'
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