888 Holdings Reports Record $114m Revenue In Q1

Online gambling company 888 Holdings has released its latest figures for the first quarter of 2014, revealing a huge 11% year-on-year increase in revenues to $113.8 million, compared to the $103 million taken in the same period last year. The Q1 results marked a new high for the UK-listed firm, with casino, poker and bingo all showing marked growth in revenues. Commenting on the company’s impressive performance, Chief Executive Brian Mattingley, said:
“I am pleased to report that first quarter was another strong quarter for 888, resulting in record quarterly revenue for the group.. Our market-leading brands and excellent product offering, underpinned by our innovative marketing and CRM capabilities, has driven further growth in our core markets.”
For Q1, 888’s B2C casino revenue soared by 14% to $54 million; B2C Poker was up by 4% to $25 million; while B2C Bingo gained 2% year-on-year to $12 million. During the quarter, active casino and poker customers together improved by 7% to 682,000, and on March 31st, the firm had 16.3 million casino, poker, and sports betting registered customers, an increase of 18% compared to the same quarter in 2013.
Revenue growth was even reported for the B2B side of the business, which improved by a massive 43% to $16 million, chiefly thanks to bingo and 888 Holdings US operations.
At present, 888 is the sole internet gaming company with a presence in all three regulated US states, namely Nevada, Delaware, and New Jersey. A recent interstate compact signed between Delaware and Nevada in February also promises to benefit the company through increased liquidity, with Chief Executive Brian Mattingley explaining the company is now “well positioned to capitalize on positive regulatory developments.”
Over the past 52 weeks 888 shares have fluctuated between a high of 186.80p in May 2013, and a low of 134.00p last month. After the company’s Q1 results were announced yesterday, shares in the company initially rose by 0.3%, but today are now showing a 3.16% drop on the day at 147.20p, giving the company a market capitalization of £518.28 million.

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