888 Holdings See 30% Increase In Pre-Tax Profits
888 Holdings, the London Stock Exchange listed company behind 888poker, revealed an increase of 30% in pre-tax profits to $53.2 million for the financial year ending 31 December 2013.
The company’s revenue increased from $375.8 million to $400.5 million (7% increase) thanks to a 15% increase in casino revenue and a 7% increase to poker revenue. These increases more than made up for the fall in revenue in 888’s bingo markets which fell 16% to $43.7 million.
Brian Mattingley, the CEO of 888, said in a statement to the City:
“2013 was a very busy but also exceptionally rewarding year for 888. I am delighted to report that we have delivered record-breaking revenue and increased our profitability, driven by our strong brands, exceptional platforms and best-in-class marketing systems.
We delivered excellent progress in our core markets and built on momentum in Spain where we have quickly developed a market-leading position. Casino delivered another strong performance and we made further market share gains in Poker, advancing to number two in the PokerScout global rankings at the year end. We have also significantly strengthened our offering in Sport, which is delivering positive results. All of this was achieved whilst devoting significant energy and resources on preparing 888 for our successful launch in the regulated US market.
I am delighted with 888’s achievements in 2013 which were made possible by the amazing hard work, dedication and talent of our team. I would like to take this opportunity to thank each of them for their fantastic efforts during the year.
We have started 2014 well, with average daily revenue up more than 8 per cent in the year to date, and look forward to the year ahead with continued confidence.”
888poker is currently ranked in second place, behind PokerStars, in terms of cash game traffic with a seven-day average of 2,300 players, a figure that has increase by 21% year-on-year. 888poker’s nearest rivals are the iPoker Network (2,000 seven-day average), partypoker (2,000 seven-day average) and Full Tilt Poker (1,900 seven-day average).
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Traffic figures courtesy of PokerScout.com