Online Casino Company 888 Reports Revenue Growth
Online casino operator 888 Holdings reported a 38% growth in first quarter income this week. The company also stated that so far second quarter revenues looked equally strong.
Net revenue from gaming equalled $64 million, up from $47 million the previous year. Growth in the online casino game segment accounted for much of the increased take, as casino games brought in $35 million, a 35% rise, while poker produced $22 million, up only 5%.
The number of registered customers increased 27%, up to almost 5 million at the end of March.
A third of the way into the second quarter, 888 said net gaming revenue had grown an average of 7% per day over the previous quarter, and first time patrons had grown 19%.
The company attributes partnerships formed in Britain, Latin America, and Europe for the operational bounce-back after being forced out of the U.S. market.
888 also purchased online bingo company Globalcom for $32 million this year, and having a cash-rich situation is looking for further acquisitions. Market analysts rate the stock as a "buy".
