European betting firm 888 Holdings has released its latest quarterly trading update, revealing that the firm will work with Caesars Interactive Entertainment to provide online gambling services within the state of New Jersey.
Highlights of the trading update for the second quarter and first half were:
Agreement signed with Caesars Interactive Entertainment (CIE) through the Group's All American Poker Network (AAPN) joint venture with Avenue Capital allowing 888 to offer own-branded poker and casino products in New Jersey, subject to required regulatory approvals
Q2 Group revenue at US$97 million (Q2,2012: US$92 million), an increase of 5% year on year
Q2 revenue B2C at US$85 million (Q2,2012: US$80 million), an increase of 6% year on year
Q2 revenue B2C Casino at US$47 million (Q2,2012: US$41 million), an increase of 14% year on year supported by growth in newly regulated markets coupled with successful customer retention operations
Q2 revenue B2C Poker at US$22 million (Q2,2012: US$20 million), an increase of 12% year on year demonstrating a continued ability to provide a recreational healthy poker environment
Record Group revenue in H1,2013 of US$200 million (H1,2012: US$186 million), an increase of 7% year on year
H1,2013 Revenue B2C at US$177 million (H1,2012: US$164 million), an increase of 8% year on year
535,000 active B2C Casino and Poker customers as at 30 June 2013 (30 June 2012: 505,000), a 6% increase year on year
As at 30 June 2013, 888 had 14.4 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 19% since 30 June 2012
888 Holdings CEO Brian Mattingley commented on his company's performance, saying: "The Group has enjoyed excellent growth, particularly in Casino where a combination of strong results in Spain and Italy and very successful marketing campaigns have driven up revenue in Q2 by 14% year on year."
"We remain focused on preparing our platforms and marketing for the incredibly exciting US opportunity and we are delighted to announce today the agreement we have signed with Caesars Interactive Entertainment through our AAPN joint venture with Avenue Capital."
"This is an important development in our US strategy which will allow 888 to offer 888-branded poker and casino products in New Jersey,subject to required regulatory approvals. We are extremely well positioned in the US and are working with the regulators in Nevada, Delaware and New Jersey as these three states become ready to open."
Speaking on the already underway third quarter, Mattingley said: "The third quarter of 2013 has begun in line with our expectations, reflecting historical seasonal patterns. Daily average revenue during the first 33 days of the quarter is comparable to the previous year. Our performance is led by Casino with Bingo continuing to be a challenging and competitive market."
"We now have a new sports book provider on board and we are seeing good growth in 888sport, an area we remain committed to improving."
"As at 2nd August 2013 the Group had US$87 million of cash and cash equivalents and US$52 million liabilities to customers."