888 Holdings, the giant Gibraltar-based parent company of online poker rooms Pacific Poker and recently Lucky Ace Poker, announced preliminary results for year-end 2007 with profits more than double those of last year, due in large part to poker revenues expanding 18 percent to $80.8 million from $68.2 million a year earlier.
Pretax profits for 2007 from continuing operations were up 106% to $46m compared to $22m in 2006.
The report noted that quarterly casino and poker active customers increased by 11% to 209,000. Poker comprises 38 percent of 888’s business. In addition to online poker, the company casino style games like blackjack and most recently an online bingo and sports betting in February and March 2008 respectively.
Commenting on these outstanding results, Gigi Levy, CEO of 888 said:
“2007 was a year of transformation for 888, in which we had to restructure our business following the enactment in the United States of the Unlawful Internet Gaming Enforcement Act in October 2006. I am very pleased to report that we have now successfully completed the restructuring and repositioning of the business and have delivered record results for the year, both in terms of revenue and profit. This demonstrates the resilience of our business, the strength of our team and the continued attractiveness of our business model. With many strategic initiatives now underway, we see a bright future for the business.”
30 PERCENT GROWTH IN THE FUTURE?
888 is optimistic of 30 percent revenue growth in 2008, helped by a better-than-expected start from its new sports betting and bingo sites.
“Current run rate indicates 20 percent (overall revenue growth), and we are bullish on pushing this. Do I think 30 percent is too much? No, I don’t think 30 is too much,” Chief Executive Gigi Levy told Reuters in a telephone interview.
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