888's Q4 revenues up as more people take to poker |
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Published
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Fri, 03 Feb 2006 09:15
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LONDON: Online gaming group 888 Holdings Plc. has recorded a sharp 56 per cent increase in its fourth-quarter net gaming revenues at $77 million, as the number of punters going to its poker rooms increased substantially.
Revenue from poker games grew 22 per cent to $36 million compared with the third quarter. Compared to the corresponding 2004 quarter, the increase has been 138 per cent, the company said. Introduction of new languages helped boost turnover outside the U.S. market, the company added.
Casino revenues rose just 1 per cent from the third quarter to $41 million. A 48 per cent increase in player numbers could not sustain as a result of an 8.5 per cent drop in average revenues per player. Compared with a year-ago figures, this represents a growth of 19 per cent.
888's chief executive John Anderson said the company may buy a sports betting facility.
The company, which owns the Pacific Poker website, Casino-on-Net and Reef Club Casino, is sponsoring the World Snooker Championship, which is expected to boost its business overall.
Like other gambling sites, 888 too has reduced its reliance on the U.S to about 50 per cent as net-based betting and gaming are still a gray area there in terms of legality.
The company is expected to come out with its full year results in March.
Analysts said the figures indicated the company's strong position and the fall in shares by 4.4 per cent on Thursday could be on account of profit taking. The shares, at 205 pence, gave the company a market value of around 690 million pounds.
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