16th Oct 2013 09:04
LONDON (Alliance News) - Online gaming company 888 Holdings PLC Wednesday reported higher revenues for the third quarter, driven mainly by an increase in casino playing, and said revenue growth in the first two weeks of the fourth quarter has been even higher, meaning its confident about the full-year outcome.
The company said revenues in the three months to end-September were USD94 million, up from USD92 million a year earlier, as casino game revenues rose to USD45 million from USD38 million. Poker game revenues were flat at USD22 million.
It said it had 14.9 million registered customer accounts at the end of the period, up 19% from the previous year. Active poker and casino players stood at 498,000, up 10% from 454,000 a year earlier.
"This quarter has seen further progress in newly regulated global markets. In the US, the launch of the World Series of Poker in Nevada marked the start of our first regulated real money offer in the US and through our AAPN joint venture we have also entered into a partnership with Wynn Interactive for the development and deployment of Wynn's online offering in New Jersey, Nevada and additional states, as they become regulated," Chief Executive Brian Mattingley said in a statement.
888 Holdings in August reported a jump in profits and revenue during the first half of the year, driven by a strong performance from its casino and poker products, which more than offset declines in bingo revenue. Its growth is being driven by the launch of products in US states as they start allowing, but regulating, the playing of games like poker online.
Its revenues for the first nine months of the year stood at USD294 million, up 6% from USD278 million in the year-earlier period, suggesting slower revenue growth in the third quarter. Its revenues in the first 13 days of the fourth quarter have been about 2% up on the year on average, it said.
888 Holdings shares were down 0.6% at 163 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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