888 Revenue Up 17% To $92 Million In Q2

888 Revenue Up 17% To $92 Million In Q2UK Online gambling business 888 Holdings has released its financial figures for Q2 revealing a 17% increase in revenue to $92 million compared to the same period last year.
The Gibraltar based company also saw the number of customers registering to play its sports book, casino, bingo and poker offerings rise by 26% to 12.1 million for the year period ending June 30th, 2012. Commenting on the overall impressive results, chief executive Brian Mattingley said:
“While the second quarter of the year saw a return to historical seasonal revenue patterns, revenue increased 17 per cent year-on-year supported by targeted marketing campaigns and market-leading customer relationship management.”
Poker, too, experienced a healthy rise in business during Q2 with revenue up 59% to $20 million compared to $13 million in Q2 2011, with active poker customers rising 63% to 378,000.
Another highlight of Q2 was 888’s entry into the Spanish online gaming market on June 1st, after first paying €8.7 million ($10.66 million) in back taxes in order to acquire a licence. 888’s poker product has since gone on to acquire second highest spot in Spain, with Brian Mattingley explaining:
“We have the right product offering and back office capabilities to grow and sustain market share, as indicated by the success in building a significant market share in the newly regulated Spanish poker market.”
Looking ahead, Q3 has started well and daily revenue is already 10% above last year, boosted by solid performances by its casino and poker offerings. In addition, the company will likely be  positively impacted by the Olympic Games currently taking place in London
Despite the impressive overall results, 888 shares have stayed fairly static at 79.75, but are significantly higher than their 52 week low of 28.22p. The company currently has a market capitalization of £277.52 million.

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