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888 Releases First Quarter 2014 Financials

Internet betting giant 888 Holdings plc has released its latest financial results, noting record quarterly revenues and active players.

Key financial indicators for the quarter ending March 31st, 2014 were:

  • Group quarterly revenue reached a record of US$114 million (Q1 2013: US$103 million), an increase of 11 percent year-on- year and a 7 percent increase compared to the strong performance in Q4 2013;

  • Revenue B2C at US$98 million (Q1 2013: US$92 million), an increase of 7 percent year-on-year;

  • Revenue B2C Casino at US$54 million (Q1 2013: US$48 million), an increase of 14 percent year-on-year, leveraging strong customer acquisition in Q4 2013;

  • Revenue B2C Poker at US$25 million (Q1 2013: US$24 million), an increase of 4 percent year-on-year;

  • Revenue B2C Bingo at US$12 million (Q1 2013: US$12 million), an increase of 2 percent year-on-year and a 9 percent increase over Q4 2013;

  • Revenue B2B at US$16 million (Q1 2013: US$11 million), an increase of 43 percent compared to Q1 2013 and a 13 percent increase over Q4 2013, primarily driven by Bingo and US operations;

  • Number of active customers B2C Casino and Poker at 682,000 (Q1 2013: 634,000), an increase of 7 percent compared to Q1 2013;

  • Revenue B2C Emerging Offering at US$6 million (Q1 2013: US$8 million), a year-on-year decrease of 22 percent and a 4 percent increase against Q4 2013;

  • Strong positioning in the US online gambling market, where Nevada and Delaware recently signed an interstate compact through which poker liquidity can be pooled.

Performance highlights for the period were:

  • As at 31 March 2014, 888 had 16.3 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 18 percent from 31 March 2013;

  • Number of active customers B2C Casino at 226,000 (Q1 2013: 236,000), a decrease of 4 percent compared to Q1 2013;

  • Number of active customers B2C Poker at 537,000 (Q1 2013: 474,000), an increase of 13 percent compared to Q1 2013;

  • Quarterly revenue B2C per active Casino and Poker customer was US$117 (Q1 2013: US$113), a 3 percent increase year- on-year

  • Quarterly revenue B2C per active Casino customer was US$240 (Q1 2013: US$202), a 19 percent increase year-on-year;

  • Quarterly revenue B2C per active Poker customer was US$47 (Q1 2013: US$52), a 9 percent decrease year-on-year;

  • Dragonfish B2B revenues at US$16 million (Q1 2013: US$11 million), an increase of 43 percent year-on-year, primarily driven by Bingo and US operations.

Commenting on his company's performance, 888 CEO Brian Mattingley said: "I am pleased to report that Q1 was another strong quarter for 888, resulting in record quarterly revenue for the Group. Our market-leading brands and excellent product offering, underpinned by our innovative marketing and CRM capabilities, has driven further growth in our core markets. Furthermore, 888 continues to be well positioned to capitalize on positive regulatory developments."

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