888 Holdings reports 56% increase in profits

888 Holdings, owners of 888.com and Pacific Poker, announced a 56% rise in overall third-quarter revenues in its first results statement since launching on the London Stock Exchange in September.

The firm posted net gaming revenue results of $70 million, fueled by a 178% increase in poker revenues, and stated that the active number of gamblers on the site rose by 118% to over 316,000. Industry experts and company executives are expecting the growth rate of both the poker and casino segments of 888 Holdings to remain steady over the next year.

Much speculation surrounded the Gibraltar-based gaming firm's floatation in September due to dire warnings issued by top competitor and industry giant PartyGaming Plc., owner of PartyPoker.com, which hinted that the poker industry was headed for a time of slow growth and possible stagnation. The warning scared off investors and initiated a time of massive devaluation for the entire online gaming sector, causing companies such as PartyGaming Plc., Sportingbet, and Empire Online, owners of Noble Poker and Empire Poker, to lose billions in share value.

However, industry analysts believe the recent 888 report will boost the market's confidence in the online gaming sector once again. Indeed, Sportingbet and PartyGaming Plc. shares rose subsequent to 888 Holdings' announcement.

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