BUSINESS

888 revenues increase; Pwin share price rocketing; Perform has betting to thank

TAGs: 888 Holdings, bwinparty, Perform, pwin

888888 Holdings’ group revenue increase by 42% to $86m as they toast their decision to enter the Italian market. B2C revenue was up 12% to $74m as the company had strong increases in poker and casino to thank. The number of active B2C casino and poker customers increased by 167% compared with the same period last year. 888 is one of the only companies that saw a US-tie up survive Black Friday. Doubts do still remain over whether their decision to hot-tail it out of the US shortly after UIGEA in 2006 will see the DoJ come back to bite them. Deputy Chairman Brian Mattingley added a statement that was just as hopeful as everyone’s come to expect from the public companies.

“The continuing focus on our core competencies has led to another excellent quarter, and the highest quarterly revenue ever achieved in 888’s history. Our compelling offering and successful marketing campaigns have helped to build on our outstanding first nine month performance and drive player numbers to record levels. Strength across all of our platforms leaves us well positioned for the future. Trading has continued to be strong into the fourth quarter, and as such we expect that clean EBITDA for the financial year ending 31 December 2011 will be significantly ahead of current market expectations.”

Bwin.party (Pwin) has seen its share price sky-rocket on the back of news of a tie-up in the US. At the time of writing the Europe-facing online gaming firm saw its price reach 120p marking an increase of 9.4%. The favorable reaction comes off the back of a partnership being announced between Pwin and US land-based casino outfits MGM Resorts International and Boyd Gaming Corp. As the deal is contingent on US regulation, it might be some time before the partnership bears anything more than Norbert and Jim telling everyone how happy they all are. Likely to happen sooner, their share price goes the other way when they realize the German’s want them out.

Sports distribution specialists Perform Group took the IPO plunge earlier this year and today showed an encouraging set of results. Revenue growth for Q3 was up 55% to £27.4m with “growth across all business areas.” In terms of the gambling industry Watch&Bet add four new licensees this quarter to take the total to 34. In addition it streamed almost 700 more events thus increasing the number for to 3,256. GSM licensees also increased from 147 to 161 with Watch&Trade seeing a small increase from 44 to 47. For the whole content distribution side revenue growth was up 60% year-on-year to £17.4m. That’s what you call Performance.

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