Online gaming firm 888 Holdings Plc reported its quarterly financials Tuesday, showing improvements from last year across the board.
On the whole, the company brought in $103 million in the first quarter of 2013, a new record for 888. That represented an increase of 9 percent over the same quarter last year, when revenues were $94 million. The poker component of the overall figure was $24 million, 15 percent better than last year. Pacific Poker is 888 Holding’s headline poker room and having launched in 2002, is one of the oldest online poker rooms still in operation. The company also launched its namesake site, 888Poker.com, in 2010.
Despite its success, poker is just half the size of 888’s casino games business, which contributed $48 million to the company’s top line, an increase of 13 percent compared to the first quarter of last year. “Emerging offerings,” which includes sports betting, went up 27 percent to $8 million.
In the company’s Interim Management Statement, CEO Brian Mattingley said:
These are a fantastic set of results across all key metrics. Our excellent product offering, supported by our constantly innovative marketing and CRM capabilities, has helped us to deliver consistent growth and has positioned us well to take advantage of positive regulatory developments.
Things may get even better for 888 Holdings in the fairly near future. Mattingly told Reuters Tuesday that he expects to launch an intrastate online poker room in the state of Nevada this summer. 888 was granted an interactive gaming license by the Silver State in March, but it software is still in the independent testing process.
Mattingley is looking beyond this year, though, targeting two years down the road as the time where the impact of the U.S. market will really be felt. “I imagine we will start to see some really influential numbers to our business from 2015,” he told Reuters. He added that 888 will likely spend more on marketing next year as it tries to position itself as the go-to company in the new U.S. online poker market, however big that may be.
As things currently stand, 888 will not be branding any Nevada poker rooms with its own name. It will instead partner with other companies to offer poker to residents of the state. It has a deal in place with Caesars Interactive Entertainment to launch a World Series of Poker-branded site and recently announced the creation of the All American Poker Network, a joint venture with the Avenue Capital Group. Treasure Island, which has partnered with 888, will have the first skin on the network. 888 has also teamed with WMS Industries to produce an online poker room.