By Miles Costello
First quarter revenues surged at 888, the newly floated online gaming company, as the casino and poker operator benefited from the rapidly rising interest in internet betting.
The Gibraltar-based company, which floated at £590 million in London last October, said net gaming revenues rose 42 per cent to $84 million in the first quarter compared with the same period last year, with poker revenues of $39 million and casinos bringing in $45 million.
Recent additions to its poker offering in April are expected to drive further growth, and the introduction of casino playing via mobile phones earlier this month is also expected to see revenues perform.
The group, which increased its active users to 319,374 over the first quarter period, added that the 17-day World Snooker Championship it sponsored drove up its exposure in a market dominated by its far larger rival PartyGaming.
888-backed Middlesborough FC's surprise progress to the UEFA Cup football final also saw its profile rise.
In a confident trading update to the City, the company, led by chief executive John Anderson, said its monthly poker rake, which includes its take from ring games and its tournament fees, had risen in March by 66 per cent on the same month last year.
For the first quarter, its revenue per active casino member was $554 compared with $419 in the fourth quarter last year, with each poker player bringing in $162, up from $156.
"888 had a positive start to the current year with an improvement in net margins. The first quarter was seasonally strong and we anticipate the historical seasonal pattern to continue into the second and third quarter with margins more akin to historical levels," the company said, as it noted that it was growing more rapidly outside the United States, where online gaming is a contentious political issue.
"We continue to drive our business for long-term sustainable profit and overall we remain confident of making good progress in the current year," it said.
Shares in 888, which have leaped since the float, closed last night at 235p, valuing the internet gaming group at £790 million.
First quarter revenues surged at 888, the newly floated online gaming company, as the casino and poker operator benefited from the rapidly rising interest in internet betting.
The Gibraltar-based company, which floated at £590 million in London last October, said net gaming revenues rose 42 per cent to $84 million in the first quarter compared with the same period last year, with poker revenues of $39 million and casinos bringing in $45 million.
Recent additions to its poker offering in April are expected to drive further growth, and the introduction of casino playing via mobile phones earlier this month is also expected to see revenues perform.
The group, which increased its active users to 319,374 over the first quarter period, added that the 17-day World Snooker Championship it sponsored drove up its exposure in a market dominated by its far larger rival PartyGaming.
888-backed Middlesborough FC's surprise progress to the UEFA Cup football final also saw its profile rise.
In a confident trading update to the City, the company, led by chief executive John Anderson, said its monthly poker rake, which includes its take from ring games and its tournament fees, had risen in March by 66 per cent on the same month last year.
For the first quarter, its revenue per active casino member was $554 compared with $419 in the fourth quarter last year, with each poker player bringing in $162, up from $156.
"888 had a positive start to the current year with an improvement in net margins. The first quarter was seasonally strong and we anticipate the historical seasonal pattern to continue into the second and third quarter with margins more akin to historical levels," the company said, as it noted that it was growing more rapidly outside the United States, where online gaming is a contentious political issue.
"We continue to drive our business for long-term sustainable profit and overall we remain confident of making good progress in the current year," it said.
Shares in 888, which have leaped since the float, closed last night at 235p, valuing the internet gaming group at £790 million.