888 improves sector outlook; Q3 earnings up 56% |
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Wed, 02 Nov 2005 14:05
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888 Holdings, the online casino and poker group said third quarter revenues were up 56 per cent at £39.5m and the number of gamblers on its site showed a growth of 118 per cent at 316,553 year-on-year.
The group also saw the number of gamblers at its casinos rising 73 percent to 88,301 pushing casino revenues up 18.3 per cent to £22.8m.
The group’s earnings have eased the worries of investors who feared a sharp slowdown in this sector. John Anderson, chief executive of the group pointed out the October results were also very encouraging and suggested annual results would be in line with expectations.
The group finds Q3 results particularly satisfying considering the July-August quarter is usually the weakest period of the year for the gambling sector. Anderson said he was confident of continued growth in the global online gambling market and that 888 is geared to keep pace with it.
Business has been good both online as well as at its casinos. The number of players at its tables 228,252 was almost one and a half times more than the number seen in the same quarter last year.
The global poker industry grew at 60 percent this year and expected to slow down only slightly in 2006, whereas online poker grew at an astonishing 250 per cent last year, but “that’s not going to continue” Anderson said. Nevertheless, there was enough reason for the sector, particularly 888 to expect even better earnings at the year end. The new customer sign-ups last month point to a continuing upward trend.
The company listed on the London stock exchange only last month and has a range of gambling sites: Casino-on-Net.com, 888.com, PacificPoker.com and Betmate.com. The group has a total of over 20 million account holders from around the world.
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