888 Holdings released their 3rd-quarter results this week and the numbers were positive for the publicly listed company, despite their decision to pull out of the US following the anti-online gambling bill.
Net revenue generated outside of the US rose to $38 million in the 3rd quarter of this year, up 20% from $32 million in the same period last year.
There were fears that non-US revenue may decline following 888’s decision to withdraw from the US market, but the released figures showed impressive gains in the non-US market despite the decision. Non-US membership increased by around 5% in the 3rd quarter, buoyed perhaps by marketing funds being diverted to non-US markets.
888 Holdings does expect to incur a once-off charge of around $6 million in the 2nd half of 2006, as a result of having to withdraw from the US market and restructure their organization.
But the overall signs were positive for the embattled company: “”888 is debt free and has ample liquid resources to both fund our operations and participate in attractive opportunities for market consolidation,” said chief executive John Anderson.
In recent weeks, there has been talk of a possible takeover from Ladbrokes, but no mention of the merger talks were made in the 888 report.
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