THE chief executive of 888 Holdings, the online casino and poker operator, yesterday signalled his intention to buy a sports betting business later this year.

John Anderson, who oversaw last year’s stock market flotation, said that he wanted an online sportsbook that targeted non-US punters in order to be able to offer 888’s existing players a full range of gambling products.

“I’m looking, but I’m not talking to anyone at the moment,” he said, adding that he was looking at Asia rather than the United States. “In terms of a sports book, the one thing I will not be doing is taking bets from American citizens in America, because that’s illegal under the Wire Act.”

Mr Anderson also shrugged off claims by PartyGaming that the recent launch of blackjack meant it had overtaken 888 as the world’s biggest internet casino. “I don’t go around saying mine’s the biggest.”

The company yesterday reported a sharp rise in fourth-quarter net revenues — up 56 per cent to $77 million (£43 million) — and said it had made a strong start to the new financial year. Net casino revenues increased by 19 per cent to $41 million, while poker revenues rose to $36 million, a jump of 138 per cent over the fourth quarter of 2004.

Despite the strong numbers, the shares fell 10¼p to 204¾p as investors took advantage of the recent rise to take profits. The group was floated at 175p in September, but initially struggled in the face of cautious comments on growth rates from PartyGaming.

James Hollins, analyst at Daniel Stewart & Co, described the numbers as “solid” but possibly a little short of where some short-term investors in the stock had hoped. He added that, in the face of growing competition, there was some concern over the level of marketing expenditure.

The gambling firm sponsors Middlesbrough Football Club and for the first time this year will sponsor the World Snooker Championship at the Crucible Theatre in Sheffield.

• Hilton Group confirmed that it had received fresh approaches for its Ladbrokes gambling arm — believed to include a £3.7 billion offer from CVC Capital Partners, the private equity firm — but said that the resulting offers had “included a number of preconditions and failed to recognise the long-term strategic value of Ladbrokes”.

  Shares of Hilton, which will shortly complete the £3.3 billion sale of its hotels to America’s Hilton Hotels Corporation, added 8¾p to 375¼p as investors bet that CVC would return with a higher offer.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive