Poker firm attracts more players

Pacific Poker owner 888 shrugged off the impact of economic turmoil and a stronger dollar to tempt in more players between July and September.

The online gaming firm said active player numbers had grown to almost 217,000 in the third quarter, 3% ahead of the same period last year.

The advance came despite the dollar's gains against the pound and the euro - by 14% and 16% respectively between August and the end of October.

While deposits in local currencies had been "fairly stable" the greenback's strength held back its dollar-denominated revenues, 888 said.

Despite the dollar's strength, 888's overall net gaming revenues rose to 66 million US dollars (£44m) in the third quarter, 23% ahead of last year.

While its revenues are in dollars, the blow was partly offset by lower operating costs because most of its outgoings are in non-dollar currencies and hence cheaper.

Poker revenues were flat at 19 million US dollars (£12.7m) although the company saw stronger growth from its casino games, where revenues grew 18% to 34 million US dollars (£22.8m).

Chief executive Gigi Levy said 888 had traded well against the backdrop of a global financial crisis and extremely volatile exchange rates.

"Our underlying business remains as solid as ever, as demonstrated by the constant deposit size by local currency. Despite external adverse economic conditions we are confident in our business model and strategy," he said.

The firm is also targeting growth in emerging markets and has released Pacific Poker in four Eastern European language formats, including Russian. Another seven versions - including Japanese - are due shortly.

Press Association

News Added: 17 November, 2008

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