Easiest Poker Sites Poker News Buoyant 888 Holdings Looking To US Poker Market

Buoyant 888 Holdings Looking To US Poker Market

Posted by dwayne on March 27, 2012 at 7:03 GMT+0000

888 Poker888 Holdings have announced that their full-year earnings have almost doubled through robust growth with their poker and casino offerings – and this declaration could well be good news for US poker players with the company eyeing up the possibility of investing in the North American market.

The British company – which operates several high-profile gambling websites, including 888 Poker, as well as ones dedicated to bingo, casino games and sports – also named Brian Mattingley as their new chief executive officer, as reported by Reuters. 888 revealed that the company’s revenue showed a 26% increase to an impressive $331.1 million through last year to December from $262.1 million in 2010, while their EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed to $55.6 million from the previous year’s $28.6 million, seeing an increase of 94%.

Real-Money Customers on the Up

What might be even more heartening to 888 is the fact they have seen a 22% increase in registered real-money customers to 10.6 million poker, sports, and casino players, as of December 31, 2011. Additionally, 2012 has begun well for the company, with average daily revenue increasing by 2% over the buoyant fourth quarter (Q4) period last year. But that’s not all, as the average daily new customer take-up has grown more than 15% on the last quarter of 2011 – highlighting the undoubted potential for strong growth in the near future. 888 – which enjoyed a successful launch of their brand in Italy last year – should see even more positive figures this year as more and more British people stay at home to watch television and gamble online as fears increase over the country slipping back into recession.

New CEO Brian Mattingley Provides US Players With Hope

Of course, Mattingley – who last April stepped down as chairman of 888’s remuneration and audit committees while the company searched for a new CEO following the resignation of Gigi Levy in March 2011 – was delighted to take on his new post at such an exciting time for 888, saying: The promising start of 2012 demonstrates healthy growth over and above the strong Q4 2011 and underpins our strategy and expectations for 2012.” As such, 888 have announced plans to invest heavily in numerous newly-regulated markets in the USA and continental Europe.

This can only be good news for American players starved of online poker following the events of Black Friday last April 15 when the US Department of Justice (DoJ) closed down several poker websites – including PokerStars, Full Tilt Poker and Absolute Poker – in relation to allegations of bank fraud, illegal gambling and money laundering.

Of course, 888 – via their B2B arm, Dragonfish – have already reached a deal with Caesars Interactive Entertainment (CIE) to extend their UK software licensing agreement to the North American country.

This agreement will allow Dragonfish to run several of CIE’s poker brands – if and when online gaming is allowed through new regulations.

Expansion Into United States On the Horizon

888 – who are among the many companies to apply for an internet gaming service provider license in Nevada – also believe this deal puts in place a strong platform for additional agreements being made with other US partners.

Mattingley certainly provided hope for US poker players when saying: “We are more than ready to take advantage of liberalisation in the industry.

“We have a unique position in the US allowing the launch of a real-money offering immediately as either federal or state-based regulation is finalised and upon licensing by gaming authorities.”

Company Shares Show Impressive Growth

Meanwhile, 888 – who had recently been the subject of an on-off £240 million takeover bid by Britain’s second largest bookmaker, Ladbrokes – have seen their shares rise 4% in the past month in advance of their 2011 forecast, while trading on the London Stock Exchange showed that shares were up 5.04% to 62.5 pence at 11:24 BST (British Summer Time) today.

Other notable figures released by 888 Holdings showed that B2C (business-to-consumer) revenue increased by 28% to $284.2 million ($221.7 million, 2010), while B2B (business-to-business) revenue climbed 16% to $46.9 million ($40.4 million, 2010).

With all these figures in mind, Mattingley added: “I am delighted and proud to have officially taken the helm at 888. 2011 has been a phenomenal year for us, refocusing on our core product offer and the success of our Poker 6 platform has delivered exceptional growth across all key metrics.”

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