888 Holdings Pretax Profit Up 30% To $53 Million In 2013

888 Holdings Pretax Profit Up 30% To $53 Million In 2013Online gambling company 888 Holdings has announced its annual results through to December 31, 2013, revealing an impressive 7% increase in revenue to $401 million compared to $376 million for the previous year. As a result, the company smashed its annual profit forecasts, with earnings before EBITDA up 13% to $76 million, and profit before tax up 30% to $53 million in 2013, compared to $41 million in 2012.
Commenting on 888 Holdings’ solid annual results, chief executive Brian Mattingley, commented: “We delivered excellent progress in our core markets and built on momentum in Spain where we have quickly developed a market-leading position.”
The gambling company, which provides casino, poker, bingo games and sports betting, reported that the number of its customer accounts grew by 19% to 15.5 million last year. In addition, its casino offering was held up as a particularly strong performer, while poker also recorded further gains in market share. At present, 888 Holdings is the only internet gambling business to have a presence in all three of the United States’ three regulated igaming markets of New Jersey, Nevada and Delaware.
“It really is new territory for them [the US regulators]. It’s been a long slow journey but it’s getting faster. There are now nine more states considering [legalizing online poker]. California is beyond doubt the biggest prize, and between California, New York, New Jersey and Florida that’s 50pc of the potential market.”
Looking ahead, Chief Executive Brian Mattingley said that the company has started 2014 in good shape with average daily revenue already up by  more than 8% and that 888 was looking forward to the year with “continued confidence.” Mattingley did, however, decline to comment on the likely effect of a new UK igaming tax set to be introduced by the end of the year designed to close offshore loopholes.
Nevertheless, after the company’s 2013 results were announced, shares in the company subsequently soared by 13% from 135.6p to 148p. As of today, the company has a market capitalization of $518.36 million.

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