888 Holdings release Q2 results


Q2/2010 highlights continuing success of online gambling software group

888 Holdings plc has released its Q2/2010 interim report and trading update, showcasing continued success in b2c and b2b activities over the quarter and the year to date.

Financial highlights include:

• Total Operating Income at US$61 million (Q2 2009: US$61 million), same level as Q2

2009

• As at 30 June 2010, 888 had 7.9 million online casino, poker and sport real money registered

customer accounts, representing an increase of 22 percent since 30 June 2009

• Total Operating Income B2C at US$52million (Q2 2009: US$48 million), an increase of

6 percent.

• Total Operating Income B2C Bingo at US$13 million (Q2 2009: US$3 million), an increase

of 372 percent.

• Total Operating Income B2C Emerging Offering at US$4.4 million (Q2 2009: US$4

million) an increase of 11 percent.

• Total Operating Income B2B at US$10 million (Q2 2009: US$12 million), a decrease of

24 percent, but a 3 percent increase on a pro-forma basis.

• Group Total Operating Income in H1 2010 at US$130 (H1 2009: US$118 million), an

increase of 10 percent.

• Total Operating Income B2C in H1 2010 at US$110 (H1 2009: US$94 million), an

increase of 18 percent.

The report points to the following Operational Highlights:

• Acquisition of Mytopia social games development studio from Real Dice Inc. completed,

extending 888’s reach and market share in the fast growing social networks and smart

mobile devices space

B2C

• Poker version 6 released following a complete re-coding of the software client with fresh

new look and feel and enhanced features, game play and user experience

• Brand new online store launched for poker players where they can convert loyalty points

into a wide range of gadgets and products

• Innovative first web-based (no download required) immersive 3D 888 casino launched,

enabling players to play casino games in a virtual world with lobby, roulette, blackjack and

high rollers rooms, with customised avatars

Dragonfish

• An agreement with Microgame S.p.A. for the provision of a comprehensive casino product

to the Italian gaming market

• An agreement with MTV Networks UK & Ireland to provide a bingo product, marking their

first step into online gaming

• Extension of existing agreements with Costa Bingo and Moon Bingo

• Launch of two new standalone bingo networks, with Cashcade (Rollover Bingo) and

Costa (Sing Bingo). Dragonfish now powers over 20 standalone bingo networks

Commenting on the report, CEO Gigi Levy said: “Trading throughout this period has been challenging, impacted by a number of factors including general online poker weakness, adverse F/X and, in relation to Poker and Casino, the World Cup. However, we have seen resilience in our emerging offering, especially Sport throughout the World Cup, and we continue to refresh our B2C offering to attract and retain players.

“We made the strategic acquisition of Mytopia late in the quarter, which gives us an immediate footprint in the fast-growing social gaming arena, complementing our core offering and giving us access to millions of new customers.

“Dragonfish has continued to win new contracts, such as the casino deal with Microgame in Italy and with MTV, as well as several contract extensions. I am delighted that we have appointed a new managing director to head up the business and, as the industry moves towards a greater emphasis on content and flexible solutions, his experience and contacts will enable Dragonfish to capitalise on the opportunities created.

“We see a challenging environment ahead, albeit one with opportunities created as new licensing regimes are implemented. We have been granted a licence in France and have a number of strategic partnerships lined up in Italy for both B2C and Dragonfish, and are optimistic about the future prospects in these markets – though these are likely to take time and investment to come to fruition.

“We remain confident in the underlying fundamentals of the business and believe that the transformation of 888 - and the industry - into a gaming entertainment destination regulated in local markets presents significant opportunities for growth.”

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