888 Holdings revenue increased 29% in 2011 second quarter

Across the board, poker revenues was up a massive 58% to us$ 13 million compared to us$ 8 million in 2010, with customer numbers leaping 90% to 231,000 active players year-on-year. In addition, casino revenues also rose a healthy 34% to us$ 36 million compared to us$ 27 million in the same period last year, with player numbers rising a staggering  134% to 159,000 compared to Q2 2010.

Additionally, the company’s B2B division, known as ‘Dragonfish,’ also reported a 28%
increase in revenue to us$ 12 million and later commenting on 888 Holdings’ impressive results, Deputy Chairman Brian Mattingley said: “This quarter has seen strong performance in B2C for 888 especially in Poker and Casino. We have been focused as ever on our goals, further bolstering our B2C performance and leveraging our industry-leading offerings, while maintaining our Dragonfish brand presence and B2B deal pipeline.”

888 Holdings’ overall revenue is now up 18% to us$ 154 million for the first half of 2011, compared to us$ 130 million over the same period last year, prompting Mattingley to announce: “..we are confident, given the strength of current trading, that the company will report a financial performance for the full year to 31 December 2011 marginally ahead of current market expectations.”

Despite the second quarter results, certain concerns still remain such as the fact that revenue per active poker and casino customer has fallen by 32% to us$ 141, with casinos showing a 43% decline to us$ 223 and  active poker players down 17% to us$ 55 compared to the 2010 figures. Nevertheless, the latest announcement was greeted favourably by the market with shares in the company rising 5.3% in early trading.

888 Holdings has now seen its share price fluctuate between us$ 1.02 and us$ 0.48 over a 52 week period, with the gaming group’s market valuation currently priced at us$ 197 million.