The Gibraltar-based gambling group posted record revenue and profits in its preliminary results for 2007. Pre-tax profits rose 106% to $45.8m, while net gaming revenues was up 36% to $213.4m compared to 2006; including a 33% rise in casino revenues to $118 million and an 18% increase in poker revenues to $81 million.
The figures represent a turnaround in fortune for 888, coming in the first full year of operation since the casino and poker operator pulled out of the US market and following a period of restructuring and repositioning.
2008 has also started well for 888 and the gambling group is bullish about prospects for the year predicting 30% revenue growth. In addition to core casino and poker products, growth is expected to be driven by the new sports betting and bingo products as well as new partnerships.
Chief Executive Gigi Levy told Reuters: “Bingo is doing dramatically above anything we expected. The run rate is currently where we expected to get to by the end of the year, it’s that good. Sports was only launched a few weeks ago, and already last week we had hundreds of new sign-ups every day.”
“While we will continue developing our own core games and technological infrastructure, we will carefully select ‘best of breed’ partners to provide us with additional games, particularly those with a local flavour, which will assist us in penetrating new markets,” Levy added.
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