nline casino delivered the largest contribution to net gaming revenues (NGR) as well as the strongest growth, improving 33% versus last year to us$ 118.1 million and accounting for 55% of NGR. Poker revenues climbed 18% to us$ 80.8 million, contributing 38% of NGR, while the emerging offerings including bingo and backgammon added a further us$ 14.4 million.
Europe was 888’s biggest growth market in 2007, growing by 58% to account for 42% of total revenues, with the UK as the single largest market at 43%. The Americas (excluding US) and the Rest of the World (mostly the Asia Pacific region) accounted for 8% and 7% of total revenues respectively.
During 2007 the company made its first ever acquisition with the purchase of Globalcom, the online bingo provider, and also expanded its white label offering through partnerships with Rileys Poker, LuckyAce and Tower Torneos.
Gigi Levy, CEO, said: “2007 was a year of transformation for 888, in which we had to restructure our business following the enactment in the United States of the Unlawful Internet Gaming Enforcement Act in October 2006. I am very pleased to report that we have now successfully completed the restructuring and repositioning of the business and have delivered record results for the year, both in terms of revenue and profit."
"This demonstrates the resilience of our business, the strength of our team and the continued attractiveness of our business model. With many strategic initiatives now underway, we see a bright future for the business.”
The company’s board has recommended a final dividend of 5 cents per share following the strong performance in 2007, which has left the company with cash and cash equivalents of more than us$ 104 million.
The company said it is confident of delivering further growth during 2008, following the successful launches of 888Ladies and 888sport so far this year. The company expects at least one new partnership to be announced during the year, and also stated its intention to focus on the untapped platforms of cable TV and IPTV.