888 Poker Revenue Up 22 PercentNew Software And Full Tilt Woes Bring Benefits To 888.com |
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888, the publicly-quoted online gaming operator, today announced its interim results for the first half of 2011.
Poker was up 22 percent to $24 million from £20 million in the same period last year. The company said poker had become its strongest performing product since it launched its new Poker 6 platform in 2010.
Poker revenue jumped 58 percent between end April and June 2011.
In its statement 888 also said, “We have witnessed a very significant upsurge in new poker player recruitment, with a remarkable increase of 90% in active customers, compared to this time last year. 888 now enjoys fifth position in the global liquidity rankings. This surge in activity has been the result of constant investment in our poker strategy to build a platform that appeals to players of all abilities.
888 also runs casino, sports, and bingo businesses and revenue across all platforms was up 18 percent to $153.8 million.
Analysts Daniel Stewart and Co. said in a morning note about the company, “We are encouraged by the improved trading in both poker and casino and we expect the stock will trade well today on the back of the 1H11 results.
“However we do see further risk on the horizon specifically relating to a UK remote gambling tax where the impact on 2013 EBITDA [earnings before interest, taxes, depreciation, and amortisation] could be as high as c35% as a result of its exposure to the UK market, and on that basis we remain sellers of the stock.”
At the time of writing 888 Holdings share price remained unchanged at 31 pence.
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