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888 Shares Drop at Mention of Disappointing Q2


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888 Holdings, one of the world’s largest online gambling firms, saw its share price drop by 12.1p to 81.7p on the London Stock Exchange (LSE) this week after a 888 spokesperson was quoted as saying that the firm’s second quarter has been ‘disappointing’ so far.

According to the large online gambling firm, which owns and operates popular online casino, Casino-on-Net and online poker room, Pacific Poker, its results have been down since the beginning of April, with its daily revenue reportedly 13 percent down from its first quarter.

It seems that April has been a very slow month for 888, with player numbers and revenues dropping off across all of its sites, including 888bingo.com. While the firm attributed some of the downturn to the season, a lack of online sportsbook has also been cited as a problem.

Most of 888’s largest rivals have extended their businesses to include online sports betting facilities, which is one of the fastest growing segments of the global online gambling industry. The firm’s share price dropped despite an announcement from chief executive, Gigi Levy.

The executive said that 888’s results would improve dramatically if online poker was legalised in the United States this year. However, online gambling insiders have grown weary of expectations that online gambling will be legalised in the U.S. The activity was banned in 2006.

So far this year 888’s shares have fallen by a total of 26 percent, giving the online gambling firm a market value of £283.4 million. However, the firm’s first quarter operating income increased by 21 percent as a result of signing up new online casino and online poker customers.

888’s operating income increased to $69 million, from $57 million during the same period the year before. Located in the online gambling-friendly jurisdiction of Gibraltar, 888 Holdings is expected to bolster its business with two small acquisitions by July this year.

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