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Innovation, Promotions Push 888 to 12% Revenue Growth in 2015
888poker is making headway in the battle for second in the online poker business.
Last week 888.com published its business data for 2015 and the company has had quite a successful year across the board with a 12% rise in revenue.
As recently implemented CEO Itai Friedberger sees it, “strong performance."
Big Push for New Recruits
For the last couple of years 888 has been very active with promotions and marketing campaigns to recruit new players and retain current ones.
888poker has launched numerous different projects from the XL series to a new tournament schedule to 888Live events to the recent “Live the Game” campaign.
From Jan 1 - Dec 31 888 turned a like-for-like revenue of $507.7 million.
That’s 12% more than 2014. B2C revenue grew by 14% to $444.2 million, while casino revenue went up 18% to $261.4 million.
The increased revenue didn’t automatically translate into profit, however, as legislation and new duties led to actual profit before tax dropping from $68 million to $55.5 million.
That corresponds to 15.9c earnings per share in 2015 compared to 19.2 cents in 2014. Overall earnings before interest, tax, depreciation and amortization dropped from $100 million in 2014 to $80 million in 2015.
New CEO, Continued Execution
On March 2 888poker announced the appointment of former COO Itai Frieberger as CEO. He considers the numbers a confirmation of the general expansion strategy of 888.com:
“This strong performance reflects the continued execution of our focused growth strategy as well as the quality of our brands, best-in-class technology and CRM expertise and was achieved despite the significant external challenges that impacted the online gaming industry and our profitability.”
“As expected, 2016 trading to date has been strong with average daily revenue 20% higher than the same period in 2015.”
“With our excellent operational momentum, leading online gaming brands and technology edge, the board remains confident of delivering long term sustainable growth and we look forward with confidence as we continue to develop 888.”
The company will pay out a dividend of 4 cents per share for 2015. That’s just 0.5 cents less than the year before.
The strategy of 888.com is clearly visible in the latest actions of 888poker, who have just signed former Brazilian football star Denilson to its sponsorship team.
888poker is also now hosting a massive Cash Game Festival at the Aspers casino in London and have introduced a series of daily $1k freerolls for the New Jersey market.