888 announce profit loss
13th May, 2009
888 Holdings own and operate several online gaming websites with products including, poker, bingo, sports betting and casino. The brand has been built on trust and quality of service resulting in the business growing to become a leader in the e gaming industry.
888 Holding's profits have been damaged by a fall off in their consumer business. Largely due to the economic recession, player numbers at several of Europe's leading gaming sites have fallen.
Growth has slowed and as a result this has affected profit margins.
Total operating income at 888 fell to $45.1 million largely due to a poor performance in March. The cut back in consumer spending has clearly affected the gaming industry and even some of the biggest firms have felt the force of this.
Chief Executive Officer for 888, Gigi Levy said, "Our business-to-business division continued to show strong growth during the first quarter of 2009.”
He went on to add, “Trading in business-to-consumer continued to be challenging reflecting the weak economic backdrop. Despite monthly sequential growth in January and February, trading in March was weaker."
By Jamie
