888 Holdings released preliminary financial results for 2006 today. Despite abandoning the US market in October 2006, representing 55% of it's business, 888 Holdings' profits before tax were up 34% to $90.5 million.
Gigi Levy, CEO of 888 said: "I am also pleased to report that our financial and operational recovery since October 2006 continues with NGR [Net Gaming Revenue] growth of 16% in Q1 2007 compared to Q4 2006. Given this [...] we are confident of delivering future growth in 2007."
888 Holdings Pacific Poker performed remarkably well with a net gaming revenue increase of 81% to $68.2 million. Not surprisingly growth was strongest in the EMEA region. Poker now contributes 43% (2005: 31%) of the Group's NGR.
Pacific Poker attributes it's success to the following product enhancements:
- The Jackpot features "Bad Beat" and "Royal Jackpot (January 2006)
- Ability to play at more than one table at the same time (March 2006)
- Qualifying tournaments to the WSOP, Aussie Millions, the European Poker Tour and the World Poker Tour (Quarter 3)
- Redesigning all tournaments in terms of buy-in amounts, fees, playing times, and guaranteed amounts (October 2006)
- Addition of Blackjack to the poker client (December 2006)
For 2007 888 Holdings plans to move all offerings into a single software client. This process has already started with the introduction of Blackjack into Poker and players will soon be able to access Casino games and Backgammon from the same client. In a later stage the acquired Bingo assets of Globalcom Limited will also be integrated, and the same is planned for 888 Holdings (yet to be acquired) Sportsbetting option.
888 Holdings also aims to expand it's mobile casino product to cover more than the 85% of the European market it currently reaches. Plans are also in the works to expand into other markets like television.