888 Holdings Posts Strong First Quarter
888 Holdings, parent of Pacific Poker, posted its key performance indicators which showed a 38% increase in the company's net gaming revenue when compared to the same period last year. Commenting on the announcement, 888 CEO Gigi Levy said, "We are delighted with our Q1 2008 results especially given that we achieved further growth in the quarter well and above the unusually high Q4 2007. Our various business initiatives are progressing well and we are therefore confident in delivering future growth during 2008."
888's strong quarter was driven primarily by its casino performance, which saw net gaming revenue increase by 35%, and its new bingo offering which launched in the second quarter of last year. Net revenue from poker posted a modest gain of 5%.
888's growth appears to be extending into the second quarter, which has traditionally represented a seasonal slowdown for most online gaming companies. In the first 32 days of the second quarter, 888's daily average net gaming revenue was up 7% and first-time depositors for casino and poker increased 19%, compared to the daily average in Q1 2008.
In related news, 888 and software developer Cryptologic entered into a three-year licensing deal earlier this week, designed to further enhance 888's casino game offerings. Initially, four popular titles have been selected by 888 including Bejeweled, Cubis and Millionaire's Club. During the announcement Levy said, "This reaffirms 888's strategy of creating a game ecosystem, powered by an industry-leading integration infrastructure, which enables 888 to introduce a diversified offering to existing and new players, worldwide."
