888 Holdings PLC is reporting 88% higher poker revenues in its 1st quarter management report. Poker generated $21m compared to $11m in the same period last year.
The increased revenues have come from a much larger customer base. 888 reports that they now have 405,000 active poker players; 83% more than in April 2011.
However, traffic numbers from PokerScout actually show 888’s cash game numbers declining over the last two months and quarterly revenue per active casino and poker customer has fallen by 24% compared a year ago.
On the London Stock Exchange 888’s shares traded at just over £0.41 in January and £0.77 yesterday. Investors are enjoying a 73% return on investment so far this year.
Newly appointed Chief Executive Brian Mattingly summarises:
“Our focused strategy has led to another excellent quarter, with ongoing strength in Poker driving March to the highest ever monthly revenues in the history of 888. Poker has continued its robust performance in the early stages of Q2, with our other product areas seeing an expected return to seasonal patterns.
As stated at our full year results, there are significant growth opportunities offered by the liberalisation of new markets, which will take investment to realise. We will continue to invest throughout 2012 in order to build market share.”