Everest Poker 2008 Revenue Down 10 Percent

Everest Poker’s full year revenue for 2008 has fallen 10 percent to $24 million, down 10 percent on year end 2007.

CEO Arthur Wang said in parent company GigaMedia’s annual results statement that, “Poker and casino will face continued pressure from the tough European economy, but new marketing partnerships combined with the yields from our past investments and appropriate cost cutting will allow us to maintain our financial performance."

In the fourth quarter of 2008, the company said poker software revenues were comparable with the third quarter and represented 69 percent of the business unit's total fourth quarter 2008 revenues.

Around 184,000 active depositing real-money customers played poker at Everest between October and December 2008, an increase of 4 percent on the third quarter. The company also signed up 44,000 new depositing real-money poker players, a jump of 15 percent quarter-over-quarter.

Significantly, Everest Poker obtained a five-year remote gaming license from the European Union member Malta, which it said would support continued European growth into the future.

GigaMedia, which owns Everest Poker as well as Everest Bets and casino, saw consolidated revenues increase 25 percent to a record US$190.4 million in 2008.

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