888 Holdings Revenue Up 2% To $93.7m In Q3 2013

Online gaming company 888 Holdings plc has just released its 2013 third-quarter results revealing a 2% rise in revenue to $93.7 million. Accounting for much of the company’s impressive Q3 results was the revenue derived from its Casino offering, which soared by 19% to $45 million, from the $38 million collected in Q3 2012.
In total, the London-listed firm has now generated $294 million in revenue for the first three-quarters of the year, representing a 6% improvement compared to the same period last year.
The Gibraltar-based company has continued to capture market share on account of its strong product offering and excellent marketing systems, and commenting on 888’s solid Q3 results, CEO Brian Mattingley, explained:
“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.”
Back in 2006, 888 Holdings was dealt a huge blow by the U.S. government which moved to ban online gambling, but now tax-hungry states are beginning to relax their rules as they line-up up to cash-in on the lucrative opportunities offered by the internet betting industry. The jewel in the crown would then be the California market, with 888 saying that it is already working flat-out to identify some potential quality partners to work with in the state.
Following the release of its Q3 results, shares in the company rose slightly by 0.24% to 164.4p, giving 888 a market capitalization value of £575 million ($918 million). Looking ahead to the next quarter,  the company said:
“Trading during the first two weeks of the fourth quarter has been stronger than in the previous quarter and the equivalent period in the prior year, especially in Casino. Daily average revenue for the first 13 days of the quarter is higher by approximately 2 per cent than the corresponding period in the previous year.”