888 boosted by 13% poker and casino growth
Group's poker offering continues to outperform competition while mobile contribution rises
888 has posted a 7% year-on-year revenue increase in its H1 financial results, driven by strong performances in its casino and poker verticals.
The Gibraltar-licensed operator revealed that revenues had risen to $200.1m while profit after tax soared 205% to $32.1m in the six-month period ended 30 June 2013.
This growth is largely attributed to its casino and poker verticals which both grew by 13% to $94.1m and $46.9m respectively in a period which saw 888Poker move up to fourth in the PokerScout rankings and overtake PartyPoker for the first time.
888 CEO Brian Mattingley (pictured) was “delighted with the ongoing growth” and remained bullish about the company’s future growth despite the PartyPoker’s imminent re-launch.
“Of course we are always keeping up-to-date on what our competitors are doing and PartyPoker are a class act so we will watch what they do closely,” Mattingley told eGaming Review.
“But we believe our poker offering is one of the best after taking the early decision to switch to a more recreational set-up when ranked around 13th or 14th. PartyPoker are currently ranked fifth so it’s a brave decision to change strategy,” he added. “By changing our strategy in the position we were in we could do very little damage, but [PartyPoker] could do a lot of damage.”
The company also saw growth in its UK mobile offering which contributed 17% of overall revenue, up from 6% in H2 2012. Including 888’s other markets, mobile contributed 7.1% of total revenues, up from 2% in the first half of 2012.
888Sport is in the final stages of launching a new a new mobile sports betting app which Mattingley hopes will propel UK mobile revenues even higher. “There’s a lot further to go but I’d be delighted if we could see that 17% double in the next 18 months,” he said.
Adjusted EBITDA also increased 7% to $38.6m while the only vertical to see negative growth was bingo which suffered an 18% fall to $22.1m.
Earlier this month, Mattingley revealed 888 is to overhaul its bingo offering in an attempt to return the vertical to growth.