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Chairman Richard Kilsby of the online gambling group 888 Holdings plc said, in a regulatory statement to the London stock exchange this week, that first quarter results will be up to expectations as a result of acquiring more customers and introducing new games.
“Trading keeps pace with expectations, and we continue to look forward to the future with confidence,'' read the statement, released as 888 held its annual shareholder meeting. The chairman went on to describe first quarter results as an encouraging start to 2007 which will help the company maintain its momentum during the traditionally quieter second quarter.
888 lost almost half its sales last October when the U.S. Unlawful Internet Gambling Enforcement Act impacted financial transactions with online gambling companies. 888 raised research spending to a record $19 million and introduced a new casino game almost every month in the last quarter of 2006, in response and continued to add new games such as Crazy Blackjack earlier this year. Other innovative products have included 888’s new bingo product, launched following completion of the Globalcom acquisition on 16 May. The Pacific Poker site has undergone an extensive revamp, providing easier access to casino and backgammon games and a more integrated presentation of 888’s products.
Profit increased 55 percent last year as European customers played more online casino and poker games. The company, owner of the Casino-on-Net and Pacific Poker brands, now gets 45 percent of sales from the U.K. and 36 percent from the rest of Europe.
The company revealed last month that sales have increased 16 percent in the first quarter of 2007 compared to the last quarter of 2006.
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