Online gaming powerhouse 888 Holdings Plc. has released their fourth-quarter results from the last fiscal year, and the bottom line says this: business is recovering, with revenue up substantially in non-U.S. markets and their poker subsidiaries, including Pacific Poker, leading the charge.
Dramatically affected by the passing of the Unlawful Internet Gaming Enforcement Act (UIGEA) and their subsequent withdrawal from the U.S. market, the latest numbers from the Gibraltar-based company seem to indicate the ship has quickly been righted.
Among the most telling numbers: Net non-U.S. gaming revenue increased 12% to $40 million, with poker revenue rising 26% to $18 million.
The number of active poker members also reached 147,805, an increase of 11% from the third quarter.
For the entire year, poker revenue soared 81% to $68 million, and Chief Executive Officer Gigi Levy believes there's even more reason for optimism.
"Our success," he says in the release, "is the outcome of our clear strategy of providing a unique customer experience based on an innovative product offering, a multi-channel marketing approach and our market-leading customer service.
"We have a number of further innovative and exciting initiatives to underpin and drive further growth in 2007. We are encouraged by the strong current trading and remain confident for a successful full year outcome."
During the uncertainty shortly after the passing of the UIGEA, takeover rumors circulated heavily with both Ladbrokes and PartyGaming Plc said to be reviewing bids, but the company said there is "no further update" on the discussions to be reported.
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