..

888.com Sees Strong Early 4th Quarter Growth

Written by:
Guest
Published on:
Nov/03/2010

LONDON, Nov 3 (Reuters) - Online gaming firm 888 (888.L) said trading was more buoyant across all its businesses so far in the fourth quarter, supported by a UK television campaign for its poker and bingo brands and sees annual profit in line.

The group said on Wednesday it had 8.2 million casino, poker and sport real money accounts as of Sept 30, up 21 percent on the previous year.

888's average daily revenue increased 6 percent in October, boosted by poker that rose 16 percent, as players returned to gaming after the seasonally weak third quarter and upped their deposit levels.

"The fourth quarter has started well and given that our various business initiatives are progressing as planned we expect to grow the business further during the year," Chief Executive Gigi Levy said in a statement.

Operating income in the third quarter was flat at $61 million, the same level as a year ago and unchanged on the previous quarter.

The company, which calls itself the largest online gaming venue, said it had been awarded a licence by France to operate poker betting websites.

Shares in 888, which have lost more than half their value since last year, closed at 43.5 pence valuing the company at 156.3 million pounds ($251.1 million)

Business/Financial News

China Shuts Down Gambling Sites Using Tether

China Shuts Down Gambling Sites Using Tether

China this weekend has cracked down on gambling sites tied to the tether stablecoin.

Analysis: Is PayPal's Crypto Move a Game-Changer for Bitcoin? Probably Not, Say Experts

Analysis: Is PayPal's Crypto Move a Game-Changer for Bitcoin? Probably Not, Say Experts

PayPal Holdings Inc's PYPL.O decision to open its network to bitcoin and its rivals was hailed by virtual coin enthusiasts as a watershed moment for cryptocurrencies and their path towards becoming a widespread means of payment.

PayPal Enters Crypto Market: Will Allow Buying, Selling and Shopping

PayPal Enters Crypto Market: Will Allow Buying, Selling and Shopping

PayPal Holdings Inc joined the cryptocurrency market on Wednesday, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets.

Square Makes Big Bet on Bitcoin

Square Makes Big Bet on Bitcoin

Square, Inc. (NYSE: SQ) announced that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose. The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.

Fox Given a "Buy" Rating Thanks to Sports Betting Boost

Fox Given a "Buy" Rating Thanks to Sports Betting Boost

Fox Corp is an under-the-radar play on US sports betting, the headline reads for Wayne Duggan's report at Yahoo Finance!

Syndicate