888 finds Web gambling stingy through first half
September 10, 2009
Online gambling giant 888 Holdings saw significant declines in revenues in the first half of the year for both its casino and poker operations.
Total revenue was down 13 percent to US$117.9 million, compared with the same period in 2008. Casino revenue was down 20 percent to $55.9 million. But poker saw the biggest decline, with revenue from online poker room 888 Pacific Poker down 35 percent to $26.2 million.
The company blamed the results on currency fluctuations and the impact of the global economic downturn.
Other divisions of 888, such as its new business-to-business unit, have performed well, the company said. Trading under the name Dragonfish, the unit has brokered several major deals in 2009, working with the UK’s Racing Post to develop an online casino and sports book, developing casinos and poker rooms in the Balkans and partnering with several small online bingo companies.
Revenues for the division were up 42 percent to $24.3 million through July.
“The first six months of trading for 888 in 2009 have demonstrated the strength of the combined business model that comprises a world class B2C operator and an innovative and comprehensive B2B service provider,” said Chief Executive Gigi Levy. “While consumer sentiment is still weak and currencies remain volatile, we are trading solidly.”
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