888 Holdings Shows Successful 2006

Online gambling group 888 Holdings reported very strong 2006 financials on Monday, with earnings up 55 percent from the previous year.  Perhaps more importantly, however, the company’s first quarter results for 2007 were impressive, evidence that it has shaken the loss of U.S. customers after the passing of the UIGEA in the fall. 

Net gaming revenue for the quarter was up 19 percent to $47 million compared to the same quarter in 2006.  $21 million of this came from 888’s poker arm, Pacific Poker (17 percent increase from 2006), while $26 million came from its casino business (21 percent increase).  The company also saw a 32 percent increase in new customers since April 1, 2006, with 3.9 million people onboard as of March 31 of this year. 

Full-year 2006 revenue was up 7 percent to $90.5 million, while net income was $74.5 million.