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Disappointing numbers from 888 Holdings

4/29/10 - Despite signing some impressive deals with major companies like Harrah's, and a stream of contracts from b2b subsidiary Dragonfish, the Gibraltar-based internet gambling group 888 Holdings plc has admitted that its latest Q2 results are "disappointing".
 
The group saw an 11 percent decline in share price this week - the most in a year of trading on the London exchange - and characterised its second quarter trading as "disappointing in casino, poker and bingo." The shares have fallen 23 percent thus far in 2010, giving the company a market value of GBP 298.3 million ($452.7 million).
 
Chief executive Gigi Levy outlined in a statement to business news service Bloomberg what measures would be taken to address the performance problem, saying that the company will consider chopping expenses that could include a payroll reduction of 20 percent, and the top ten managers asked to take ten percent pay reductions in the interests of the future of the company.
 
Industry analysts opined that 888 is feeling the competitive pressure of companies like Party Gaming and Playtech, which they said have been exhibiting stronger online casino revenue growth, indicating that such a weak start to Q2 may suggest that "competitive pressures" are a factor.
 
However, Levy noted that the typical seasonal slump has been “slightly more” than last year, and postulated that this could be due to weak economies in countries such as Greece and Spain. He revealed that average daily sales were 13 percent below the first quarter 2010 in the first 25 days of the second.
 
Bloomberg reports that 888’s first-quarter operating income rose 21 percent as it added new casino and poker customers. Operating income rose to $69 million, from $57 million in the year-earlier period.
 
Levy made the intriguing disclosure that by July this year his company expects to have made two more acquisitions, a consumer gambling company, and a business with both consumers and businesses as customers.



Gambling News :

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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