Devilfish Gaming, the firm behind online casino and poker room Devilfish.com, has announced its financial results for the final six months of 2008 showing an increase in turnover of over 156 percent.
Devilfish re-launched its online gaming business in May after floating on London's Plus market and reported turnover for the final six months of last year of £237,599. This compared to the £1,515 declared for the same period in 2007 but an increase in expenses saw the firm declare record losses for the six-month term of £362,577.
However, Devilfish reported strong growth from its poker business with daily revenues now frequently exceeding £3,000. It also revealed a four-fold increase in monthly poker revenues from July to January while gross poker revenue for January exceeded £76,000.
Its overall poker network liquidity rose 108 percent last year following a deal with Entraction, which recently became one of the world’s top ten providers in terms of poker liquidity, while reporting that its key performance indicators continue moving upwards.
Devilfish revealed that yield per active player rose from £22 in June of 2008 to £94 in January while the total number of registered users since its re-launch on the Entraction network is now over 8,000 with around 2,400 active cash or tournament players.
“Following the successful but demanding float process and the subsequent establishment of key supplier relationships and infrastructure to start trading, the business has really come on strong during the period and we, therefore, feel we can justify our continuing confidence in the inherent brand equity of Devilfish and so are excited about our future prospects as a company as we move to the next stage in our growth,” said Paul Barnes, Chief Executive Officer for Devilfish.