888 Holdings, Plc. released its third quarter results today which show the company's revenue up 20%, despite setbacks in the online gambling industry from the United States' Unlawful Internet Gambling Enforcement Act (UIGEA).
The company's net revenue increased from $32 million in the same quarter last year to $38 million this year. A small portion of that increase came from the company's online casino business, but the majority of it came from online poker.
Not only did the number of active players at 888 Holdings' poker site, Pacific Poker, go up 9%, the revenue from poker alone increased 54%, increasing from $10 million last year at this time to $16 million.
"The results released today demonstrate the resilience of our business model," John Anderson, 888 Holdings, Plc. CEO, said. "We are pleased with these results in what is typically the slowest quarter of the year."
He continued, saying, "Despite the suspension of our real money gaming operations in the U.S., our business continues to be sound and exhibit healthy growth in non-U.S. regions."
The company implemented a cost-optimization program that included a small reduction in marketing, and after suspending business in the United States, it has expanded to include new localized online gambling sites in Spanish and Danish.
The company also reported it is debt free with liquid resources in excess of $95 million. According to Anderson, those are ample resources to fund the company's operations and participate in opportunities for market consolidation.
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