Recently, 888 Holdings PLC, which operates several online gaming and poker websites, released its fiscal year 2010 reports that showed tremendous growth over the previous 12 months.
According to the report, the fourth quarter of last year continued a yearlong surge by the company. For the last three months of 2010, 888 showed revenues of $71.3 million, a sizeable 18% increase over the same time period in 2009. The increase in revenues came from several sectors of its business.
For the fourth quarter of 2010, customer demand for 888’s products has driven its profits. In the company’s bingo, casino, and poker offerings, increases in income ranged from 17% to 28% over the previous year. As of December 2010, 888 reported that it held 8.7 million real money registered accounts across its offerings, a 23% increase over the past year.
Gigi Levy, the Chief Executive Officer for 888, was understandably happy with the company’s 2010 performance. “We are very pleased with the results delivered during the last quarter of 2010, especially the record 18% quarterly sequential growth,” Levy stated during the report. “Our marketing activities have driven record numbers of players to our sites and growth was achieved across our business lines.”
Poker seems to be the driving force behind much of 888’s ongoing success. “We are particularly encouraged by our poker business, which showed 28% sequential growth,” Levy reported to shareholders. She believes that this year will continue to show outstanding performance for the company: “2011 has started well and, given that our various business initiatives are progressing as planned, we expect to grow the business further during the year.”
Something else that could help the bottom line is the ongoing negotiation between 888 and the betting conglomerate Ladbrokes. Since 2006, the two companies have been in discussions about a merger, but the talks have been off and on. In its most recent report, 888 stated, “Discussions with Ladbrokes are ongoing. A further announcement will be made as and when appropriate.”
One of the new innovations that could help drive 888’s poker revenues to even greater heights is its new PokerCam. 888’s special PokerCam online tables allow players to actually see their opponents through a webcam. The new innovation brings a semblance of live poker to the online poker world, as players have to utilize some of the same skills they would employ at a live table in an online setting.
The new innovation has been in the works for over a year, according to a statement from Hili Shakked, the Director of Poker Offerings at 888, in February: “Players can look forward to enjoying a completely new and different poker experience by simply downloading the new 888poker software on a computer with a standard webcam. Now, the greater challenge will be how to conceal the big smile when you get pocket aces!”
“We believe that real poker is not just about winning money, but it’s about the thrill, the fun, the excitement, and the social poker experience,” said Maytal Ginzburg, Vice President of Poker at 888. “Online poker has been traditionally focused on the ‘money making’ element. We feel that there is no reason why online poker should not enable players to meet, socialize, and play together.”
