888 bingo struggles continue as casino rises 19%

888 has posted a 2% year-on-year revenue growth to $93.7m in Q3 2013 as a 19% increase in casino revenue was countered by another dissapointing quarter for bingo.

Casino income rose from $38.2m to $45.4m during the three month period, however, bingo declined by 21% to $10.4m. The company said its casino growth had been driven by mobile, regulated markets and an increased product offering.

The Gibraltar licensed operator’s poker revenues continued to grow, albeit showing signs of plateauing, with a 0.4% rise to $22.5m, with active poker player numbers rising from 350,000 to 385,000 – although average revenue per player was down from $63 to $57.

Its improving poker performance recently led to 888poker leapfrogging Full Tilt Poker in PokerScout’s online cash game traffic rankings, taking third spot for the first time.

Group revenues for the first three quarters of 2013 were up 6% year-on-year to $294m from $278m.

“I am pleased to report another strong performance with Group revenues up year-on-year primarily driven by casino,” said Brian Mattingley, 888 chief executive.

Last month saw the launch of 888-powered World Series of Poker offering in Nevada, becoming the second real-money poker provider to launch in the state after Ultimate Poker went live in April.

Meanwhile, 888’s US B2C joint venture, the All American Poker Network (AAPN), is to launch a Wynn-branded online gaming offering in Nevada and New Jersey after signing a partnership with Wynn Resorts.

“This quarter has seen further progress in newly regulated global markets. In the US, the launch of the World Series of Poker in Nevada marked the start of our first regulated real money offer in the US and through our AAPN joint venture we have also entered into a partnership with Wynn Interactive for the development and deployment of Wynn’s online offering in New Jersey, Nevada and additional states, as they become regulated,” Mattingley added.