888 Holdings have just released their third quarter earnings which bode well for their full year earnings which are expected to be above expectations. Their aggressive expansion into the newly regulated Spanish Online gambling market has paid off better than expected. They recorded a 7% increase in turnover for the quarter. Poker performed well by recording a 21% increase. They even managed in turning a profit in newly regulated the Spanish Market.

Their 7% increase of revenues rose to $92 million for the third quarter on 2012. According to 888 Chief Brian Mattinlgey  they have already seen a positive start for the final quarter of 2012 with daily revenues showing an increase of 7% from the same period last year. Mattingley stated,” A disciplined approach to our costs, and our analytics driven marketing spend proving highly efficient, means we now expect our earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the full year to be significantly ahead of current market expectations.”

Investors reacted positively to the latest figure and the share price rose to the highest point in two and a half years, City Experts upgraded the company to a “buy” rating. The positive earnings resulted in Nick Batram of Peel Hunt upgrading to “buy”. He summed up 888’s situation,” 888 is demonstrating that an online business with a strong product proposition and excellent execution can grow the bottom line, even in markets where the costs of regulation are rising.”

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