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888 Revenues Dropping
11/10/09 - 888.com's b2b subsidiary Dragonfish performed sufficiently well to limit a decline in Q3 revenues at the online gambling group, but Management still posted a drop of 10 percent compared to Q3, 2008.
The company's interim management update this week reported financial highlights as:
* Total Operating Income US$61million during the historical seasonally quiet summer period
* Total Operating Income B2B (Dragonfish) at US$13 million
* Total Operating Income B2C at US$48 million, mainly from casino performance.
* Total Operating Income B2C Emerging Offering at US$6 million, a 44 percent increase compared to Q3 2008
* Total Operating Income B2C Emerging Offering during the first three quarters of the year at US$18 million (2008: US$9 million), a 99 percent increase
* Total Operating Income B2B during the first nine months of the year of US$37 million (2008: US$28 million), a 32 percent increase
* Quarterly Total Operating Income B2C per active Casino and Poker customer was US$248.
* Growth continued into Q4 with more than 8 percent increase in average daily revenue compared to Q2 2009.
Operational Highlights included:
* Pioneering GBP 8,888,888 Pirates Millionaire free spin slot machine launched in UK, coupled with TV campaign (see previous InfoPowa report)
* Dragonfish B2B deal with Harrah's announced in September, progressing on track to launch the WSOP and Caesars online casino and poker brands by next week
* Dragonfish launched poker and casino in the Balkans and signed an agreement with Tsogo Sun Gaming Group in South Africa
* Moon Bingo launched as a new standalone bingo network following the success of the skin on the Dragonfish network
Commenting on the results, chief executive Gigi Levy said: "We are pleased with the results achieved during the third quarter. Our B2C business showed resilience during the historical seasonally weak summer period and Dragonfish has continued its impressive growth. With Harrah's set to launch in coming days and a strong pipeline, we remain confident of reaching our targets.
"We are particularly pleased with the 99 percent growth achieved in our B2C emerging segment during the first three quarters of the year. Whilst Poker remains challenging the B2C business showed resilience during the third quarter. The fourth quarter started well and given that our various business initiatives are progressing as planned we expect to grow the business further during the year."
Investment in 888's offering continues, the statement reveals. The Casino client was released in three new languages, a new no-download Casino was introduced integrating, for the first time, the successful live dealer offering. In addition, 20 new games were added including the branded Cluedo, Cleopatra and Hulk Games. In Bingo 888 completed a new integration platform allowing rapid game deployment with 11 new side games already integrated, including the successful "X-Factor" product.
The group has approximately US$105 million cash equivalents (of which approximately US$35 million represent liabilities to customers) and has no debt.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
NBA Odds: Wizards-Celtics at the Garden -
The Washington Wizards are making this a series. They’ve won back-to-back games against the Boston Celtics to knot this second-round matchup at 2-2 with Game 5 at the Garden on Wednesday. TNT has the coverage starting at 8 PM ET.
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