Casino Choice UK News Archive
888 poker revenues soar by 15%
888 Holdings have reported a rise in revenues for August following the anticipated decline in online casino activity during the World Cup.
Revenues had slumped during the first half of 2010 as the economic downturn finally seemed to catch up with the online gaming industry, but the 15% rise in poker revenues that saw them achieve the same level as during the same period in 2009 indicates that the market is ready to bounce back.
888 Holdings chief executive Gigi Levy predicts the rise to herald the beginning of a wider recovery across the sector.
"The market has been challenging on a number of fronts, from the weak economic environment and overall poker weakness to the impact of the World Cup on poker and casino activity,” he said. "[888's] decline was roughly in line with general online poker trends but we have taken steps to address it."
These steps include an overhaul of both software and game play, with 888 launching a new 3D online casino in a continued attempt to reinvigorate consumer interest in casino activity.
This, coupled with a near 40% increase in marketing spend to $48m (£31.2m) in the first six months of the year, is evidence of an aggressive drive to attract new business in the face of consumer uncertainty, a tactic that has appeared to yield early rewards in the face of strong competition from rivals PartyGaming and Bwin, who announced their merger in July of this year.
When questioned about possible mergers for 888, Mr. Levy hinted that such a development may not escape the firm.
“We look at consolidation as one of the possible routes to realising our full value and feel that longer term this is the direction the industry will take,” he said. “We have always stated that we will look into all relevant deals and expect the recent merger news to accelerate such discussions in the industry.”
This statement will have alerted other key players in the gaming sector who would see 888 Holdings as an attractive merger possibility, as the household name also boasts gaming solutions giant Dragonfish and development studio Mytopia.
Revenues had slumped during the first half of 2010 as the economic downturn finally seemed to catch up with the online gaming industry, but the 15% rise in poker revenues that saw them achieve the same level as during the same period in 2009 indicates that the market is ready to bounce back.
888 Holdings chief executive Gigi Levy predicts the rise to herald the beginning of a wider recovery across the sector.
"The market has been challenging on a number of fronts, from the weak economic environment and overall poker weakness to the impact of the World Cup on poker and casino activity,” he said. "[888's] decline was roughly in line with general online poker trends but we have taken steps to address it."
These steps include an overhaul of both software and game play, with 888 launching a new 3D online casino in a continued attempt to reinvigorate consumer interest in casino activity.
This, coupled with a near 40% increase in marketing spend to $48m (£31.2m) in the first six months of the year, is evidence of an aggressive drive to attract new business in the face of consumer uncertainty, a tactic that has appeared to yield early rewards in the face of strong competition from rivals PartyGaming and Bwin, who announced their merger in July of this year.
When questioned about possible mergers for 888, Mr. Levy hinted that such a development may not escape the firm.
“We look at consolidation as one of the possible routes to realising our full value and feel that longer term this is the direction the industry will take,” he said. “We have always stated that we will look into all relevant deals and expect the recent merger news to accelerate such discussions in the industry.”
This statement will have alerted other key players in the gaming sector who would see 888 Holdings as an attractive merger possibility, as the household name also boasts gaming solutions giant Dragonfish and development studio Mytopia.
Submitted: 2010/08/31 at 15:33:57
