888 Holdings Profits Double

Showing that it may have come out from under the shadow of the UIGEA, online gaming firm 888 Holdings reported yearly pre-tax profits that are double from the previous year.  The company’s stock shot up almost 5% on the news, closing on Tuesday at 150p.

888, which operates the online poker room, Pacific Poker, finished 2007 with profits of $45.8 million, a number which dwarfs the $22.2 million it earned in 2006.  

Gaming revenues, of course, were up 38% to $216.9 million.  Most of this was from poker and casino games; poker revenues were $81 million (up 18%), while casino revenues were $118 million (up 33%).

Gigi Levy, CEO of 888 Holdings, said that 2008 has started well, and that, “With many strategic initiatives now underway, we see a bright future for the business.”