BUSINESS

888 Holdings: Revenue Rises by 7% Resulting in Increased Dividend

TAGs: 888 Holdings, brian mattingley, Delaware, Lee Davy, revenue increase

The 2013-year end financial reports have been released and 888 Holdings report a 7% increase in revenue, and immediately raise the dividend to 14 cents per share.

888 Holdings: Revenue Rises by 7% Resulting in Increased DividendIf there is an online gambling firm that is progressing as nicely as 888 Holdings then please point them out to me.

It’s been an outstanding year for CEO Brian Mattingley and his team, a fact that has been recognized by a 6% increase in share price and an increase in dividend to 14c per share – up by 56% year-on-year.

888 Holding’s 2013 results saw revenue increase by 7% to $401m, and it has started 2014 in much the same vein, with daily revenue up more than 8%, and nothing but forward momentum expected for the rest of the year, with the exception of the elephant in the room known as the 15% Point of Consumption (POC) tax that will come into force on Dec 1st.

The biggest revenue hike was noticed in Casino where revenue rose 15% to $190.4m year-on-year, and poker also did its bit with a 7% increase to £93.6m from the previous year.

888 Holdings remain the only online operator to have a flag dug deep into the soil of all three US States able to offer online gaming to US citizens, and the company is expecting even better things from their online division when the newly formed Delaware and Nevada player liquidity plans progress in the summer.

B2C revenue also increased 7% to $352m year-on-year, profit before tax increased 30% to $53m, and as of 2013 year end there were 15.5m casino, poker and sports betting real money registered customer accounts, leading to a 19% increase year-on-year.

Commenting on his groups results, CEO Brian Mattingley said: “2013 was a very busy but also exceptionally rewarding year for 888. I am delighted to report that we have delivered record- breaking revenue and increased our profitability, driven by our strong brands, exceptional platforms and best-in-class marketing systems. 
We delivered excellent progress in our core markets and built on momentum in Spain where we have quickly developed a market-leading position. Casino delivered another strong performance and we made further market share gains in Poker, advancing to number two in the PokerScout global rankings at the year-end. We have also significantly strengthened our offering in Sport, which is delivering positive results. All of this was achieved whilst devoting significant energy and resources on preparing 888 for our successful launch in the regulated US market. 
I am delighted with 888’s achievements in 2013, which were made possible by the amazing hard work, dedication and talent of our team. I would like to take this opportunity to thank each of them for their fantastic efforts during the year. 
We have started 2014 well, with average daily revenue up more than 8 per cent in the year to date, and look forward to the year ahead with continued confidence.”

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