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888 Revenue Up 10% in Q4

888 Holdings released its revenue tallies for Q4 of 2013 that showed an increase in all but one vertical, resulting in 10% growth to close out the year.

Revenues reached $107 million in the last three months of 2013, increasing $10 million from the $97 million reported in Q4 of 2012. That boost in revenue was $4 million more than analysts had predicted, eGR reported. For the entire year, 888 took in $401 million, a 7% rise from $376 million in 2012.

During Q4 in 2013, 888 rolled out online gambling offerings in the newly-regulated markets of Delaware and New Jersey. It now holds the distinction of being the only operator in all three states that have thus far enacted online gambling legislation that includes Nevada’s poker-only scheme last April.

“Our strong result has again been driven by the progress we have made in newly regulated markets as well as a continued excellent performance in casino and further market share gains in poker,” said 888 CEO Brian Mattingley.

Early morning stock trading saw 888 shares rise from 5p to 144p on news of the Q4 growth. A financial analyst at Panmure Gordon warns that further profits in the U.S. may be limited until other states join the online gambling party, but noted that 888 has positioned itself well to become players in any new U.S. markets that may open up.

The new year has begun where the old one left off for 888, as the first four weeks have seen a revenue increase of 3% over the same period last year.

 

 

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Charles Rettmuller

Charles has been an avid poker player for a number of years, both live and online. He holds a degree in journalism and previously worked as a reporter for a Chicago-based newspaper. Charles joined the PokerUpdate team in early 2012 and writes daily news articles for the site.

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