Today’s AGM of 888 Holdings PLC will provide a trading update for the first quarter of 2006. The company, headquartered in Gibraltar and with offices in Tel Aviv, Antigua and London, was admitted to the main market of the London Stock Exchange in October 2005 with an initial market capitalisation of £590 million (nearly US$1.1 billion). Yesterday 888 share price values the company at £790 million (over US$1.4 billion).

For the three months ended 31 March 2006 net gaming revenue rose by 42% to US$84 million from the first quarter of 2005. Net casino gaming revenue was up 15% to US$45 million and net poker revenue, whilst lower at US$39 million, saw a 95% increase. Active poker member numbers grew by 238,427, a 33% increase, and active casino numbers were up marginally. Gaming revenue from individual players also rose.

In its Trading Outlook 888 reports that growth continues in the US but is faster outside that country, in line with company strategy to decrease reliance on that sector of the market. Poker growth is expected to be driven by the company’s introduction of a new product last month. This month 888 expanded its platform offerings with the release of the Casino product to mobile phones. In April the Group received increased media exposure with the 888.com World Snooker Championship and the progression of Middlesbrough Football Club to the UEFA Cup final.

The forecast for the rest of this year is good and the company is confident that the business is being driven towards long term sustainable profit. 888 has been at the forefront of moves to ensure that the industry is subject to a high level of regulation. It was instrumental in the foundation of the eCommerce and Online Gaming Regulation and Assurance (eCOGRA) initiative. The Group has its own R&D arm that is based in Israel and develops proprietary software for exclusive use by 888.com. This enables the Group to continually evolve and develop the software and systems to give customers a state of the art gaming experience. (E-05.10.06)

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