Italy and poker push 888 to record Q1 revenues

Continued growth in poker and the launch of Italian slots helped push 888 to record revenues of US$103m in Q1 2013.

Group B2C revenue was up 10% year-on-year to $83 million driven by a 13% rise in casino revenues, which jumped to $48m in part due to the launch of slots in Italy. Poker revenues were once again a strong performer climbing 15% to $24m on the back of “successful winter marketing campaigns”, despite yields falling 1% to $52 per customer for the three-month period ended 31 March.

888 CEO Brian Mattingley described the results as “fantastic” and said the firm was well-placed for future growth. “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,” Mattingley said.

One market 888 is focused on for future growth is the US, with the firm signing a deal with Treasure Island in March and remaining in the running for the Delaware state lottery contract. The biggest percentage growth was in the emerging offerings, which includes the recently launched real-money Facebook products, with “strong sports margins” leading to a 27% jump in revenues to $6m for the period.

Bingo was far less successful in the period, with revenues falling 12% to $12m and revenues were flat in 888’s B2B arm Dragonfish at $11m. 888 said the second quarter had also started strongly with the first 20 days of April 3% ahead of the previous year.

“Our performance continues to be led by our core casino and poker products and we are continuing to experience increases in customer deposits, bets and first time depositors,” an 888 statement said.