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Advertising pays off for 888
888 Plc. released its third-quarter results today, and the highlight was that the company saw a boost in profits during a period that is normally a downtime for the industry.
The company, which operates Pacific Poker, reported $52.5 million in revenue for the third quarter of 2007, which is up from $38.3 million during the same quarter in 2006. Net gaming revenues from 888's core businesses of poker and casino were up 24% to $47.5 million as well.
The results exclude the United States since the company withdrew its business from the country after the Unlawful Internet Gambling Enforcement Act was passed in 2006.
"We are very pleased with our results released today, which were achieved in what is typically the slowest quarter of the year," said Gigi Levi, 888 Plc. CEO. "(Net gaming revenue) in Q3 climbed 5% higher than Q2, with September being our best month since we withdrew from the United States."
Other key performance indicators for the third quarter include:
- Number of active customers in casino and poker reached 209,811, an increase of 17% compared to 2006
- Quarterly net gaming revenue per active group member in casino and poker was $227, an increase of 6% compared to 2006
- Continued strong growth from emerging offering, with net gaming revenue at $4.9 million
- As at Sept. 30, 2007, 4.4 million real-money, registered member accounts in casino and poker, representing an increase of 32% since Sept. 30, 2006
Levi credits the company's new advertising campaign, recently implemented in the United Kingdom, with the encouraging results. The company is already seeing continuing returns from the ads as well.
"This record month has been exceeded in October with the growing momentum following the launch of our new 'Playful Minds' TV advertising campaign in the U.K. and other targeted markets," he said.
The company is also seeing growth from its white-label offering in Latin America with Tower Torneos, and its new licensed sports offering in Italy went live in October.
"Given the continued roll-out of innovative product offering and our expansion in new geographic markets using innovative marketing, we are confident about our performance in 2007 and beyond," Levi said.