International edition
September 23, 2020

The firm says it is still in takeover talks with Ladbrokes

888 Holdings bounces back from US gambling

(UK).- The online gaming company 888 Holdings has announced record results in its non-US operations in January, the result of a strategy to win new business after a crackdown on Internet gambling by US authorities.

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88, which said that it had no further information on a takeover bid by Ladbrokes disclosed last year, said that turnover for non-US operations had increased by more than 15 per cent from October 2006 to January 2007.

Net gaming revenue in its non-US business in the 12 months to December 31 rose 28 per cent at us$ 157 million, with revenue from non-US poker growing by 81 per cent to us$ 68 million and revenue from casino up 4 per cent. Net gaming revenue in all its businesses grew 7 per cent at us$ 290 million in the full year but fell 39 per cent to us$ 47 million in the fourth quarter of 2006.

However, 888 said that its results in the fourth quarter of last year were not comparable to those in the fourth quarter of 2005 because of the suspension of its US operations last October. The group said that turnover for non-US operations had increased by more than 15 per cent from October 2006 to January 2007.

Gigi Levy, the CEO of 888, said: "888 continues to expand its innovative product offering, diversify its geographical footprint with a localised customer experience and extend its multichannel customer acquisition and retention campaigns.

"Following our exit from the US market in Q4 2006, the company has worked hard to continue expanding its non-US business and we are especially pleased with the results released today and our performance in recent months."

888 said that it was granted an online sports betting licence in Italy in December and that it planned to launch a full online sports betting service there this year, part of a strategy to grow its brand in Europe.

It also launched casino games for mobile phones this month, while new blackjack games for its poker clients, introduced in January, had generated average daily revenue of us$ 28,000.

888 declined to comment today on talks with Ladbrokes. It said in a statement: "888 has no further update on the announcements made by the company on 30 October 2006 and by Ladbrokes on 6 November 2006 concerning discussions regarding a possible transaction. "A further announcement will be made in due course on the outcome of such discussions."

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