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888 Turnaround

Brian Mattingley, 888’s former deputy chairman has now been officially appointed as new group CEO following in 26% rise in group revenues from last year.

Mattingley stepped in following the departure of Gigi Levi in April last year, and his since been responsible for overseeing a significant turnaround in the group’s fortunes. The group enjoyed a 26% rise in revenues for the year, up from US$262.1m to $331m.

Poker Growth

 Poker in particular has continued its strong performance, seeing a 58% rise in revenues from $38.4m to $60.6m, while active player numbers are up 77% year-on-year.

Chairman of 888 Richard Kilsby commented: “We are delighted that Brian has agreed to take the Chief Executive Officer position on a permanent basis. Brian has been a member of the 888 Board since the IPO and has an excellent knowledge of both the business and the wider industry.

“The exceptional results reported today are a testament to Brian and his team, and the renewed focus on core competencies that he has instilled throughout the business. 888 is in an excellent position and, as the industry moves towards a greater emphasis on regulation, notably in the United States, his experience will enable 888 to capitalise on the opportunities ahead.”

According to PokerScout, the 888 Poker network (also known as Cassava) is now the fourth largest poker site in the world.

New opportunity

It certainly looks like a promising new era of growth for 888, who look well set to take advantage of new opportunities in the US market in the near future under the guidance of Mattingley.

The group’s B2B arm, Dragonfish, has secured an agreement with Caesar’s Interactive to supply their poker software. This comes after the company’s licensing agreement covering Caesars’ European markets, signed in 2009, was extended to the U.S.

Mattingley commented: “We are more than ready to take advantage of liberalisation in the industry. We have a unique position in the US allowing the launch of a real money offering immediately as either federal or state based regulation is finalised and upon licensing by gaming authorities,”.

 

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