888 Gaming Revenue Rises Again

Online gaming firm 888 said on Wednesday the first quarter of 2008 started well with a 38% rise in net gaming revenue and growth has continued into the second quarter, driven mainly by casino and bingo games.

It said net gaming revenue, a key performance indicator, rose to $64 million from $47 million in the same period of 2007 and was up 3 percent on the previous quarter. Last month, Chief Executive Gigi Levy said he hoped the company would achieve 30% revenue growth for the full year, helped by its new sports betting and bingo sites.

"Our various business initiatives are progressing well and we are therefore confident in delivering future growth during 2008," Levy said in a trading statement on Wednesday. Total operating income rose 41% to $66 million from $47 million a year earlier.

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