888.com’s Net Gaming Revenue up by 23%
Gibraltar based online gaming company 888 Holdings plc recently announced the results of its performance in the third quarter. The results have displayed a good performance despite the fact that poker is facing a bit of stagnation. The site has recorded a rise in the Net Gaming Revenue (NGR) by 23% up to $66 million despite the worsening economic conditions.
Online poker revenues were stuck at last year’s Q3 figure of $19 million. However, casino NGR reached $34 million, up 18 percent. NGR rose 121% up to $12 million through various emerging offerings such as bingo. The operating income recorded for the third quarter showed an increase by 24% up to $68 million.
Some of the major operational highlights include the launch of the Littlewoods online offering on the basis of a strategic partnership with Sportech. Pacific Poker was also enlarged by the introduction of four new languages. 888 also ran a successful UK bingo TV campaign, and launched 888sport in Germany and France. The period saw a number of new games being incorporated onto the 888 platform.
888’s performance in the third quarter boosted cumulative NGR for the nine months to 30 September by 31 percent to US$197million. The company’s total operating income YTD up 33 percent to $203 million. The company said that the trading during summer months of July and August is usually weak, but this time it was solid resulting in the total operating income in August to be more than it was in July.
But the economic slump during the month of September and the sharp exchange rate movements let to a turnover that was lower than August. CEO, Gigi Levy said that the foundations of the business have been solid. It has been demonstrated by constant deposit size through local currency.
