Home / Poker News February 2012 / The Poker Grapevine – 888Poker Revenues on the Uptick
The Poker Grapevine – 888Poker Revenues on the Uptick
Posted by: Randy Williams - Wed, 2012-02-08 12:17
Although for many
online poker affiliates, business has never been quite as slow as it is these days when the entire industry seems to be holding its breath awaiting US regulation, it’s not all gloom and doom on the profits front. Overall player numbers may be down, but for some reason, sites like 888Poker have seen a pronounced uptick in profits in 2011. According to the 888 group, their online poker operation has generated a $61 million profit in 2011, a massive 58% more than in 2010. Comparing the 4th quarters of the two years yields a more telling picture of the situation than anything: in the 4th quarter of 2010, 888Poker generated $11 million. During the same stretch in 2011, the profits shot up to $19 million.
According to 888 Deputy Chairman Brian Mattingly, the Q4 2011 earnings are the highest on record for the company and carry special significance in light of the fact that they came on top of 5 consecutive quarters of growth.
In other news: Unibet are apparently preparing to invade Australia. The Unibet Group has recently struck an agreement to purchase BetChoice Corporation Pty Ltd, an Aussie bookmaker. The deal, which is said to carry a AUD$20 million price-tag, will give Unibet access to the Australian market. The deal is still pending the approval of Northern Territory Racing Commission, so it’s got some distance to cover before it goes into actual effect.
The Aussie market, which is open to horse racing and sports betting is a regulated one.
Betchoice is a well-established brand down under. Unibet plans to rebrand the operation to Unibet once the acquisition deal is done.
In still other news: the WPT will make its official return to Florida on February 10, when the WPT Lucky Hearts Poker Open kicks off at the Seminole Hard Rock Hotel and Casino, in Hollywood, Florida. The buy-in for the event is a respect-worthy $3.5k.
