888 Poker Revenue Down 26 PercentHuge Drop In Poker Revenue As 888 Profit Nose Dives |
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888.com today issued its full year results for its financial year 2010.
Poker revenue at the company plummeted 25.6 percent to $38.4 million from $51.6 million in 2009.
Chief executive officer, Gigi Levy said of the poor performance, “Trading in 2010 has been challenging. It was impacted in the first half by the deterioration of online poker across the industry, with the daily average ring game players falling by approximately 25% in the period from January to July. There were encouraging signs towards the end of the year that 888’s Poker 6 offering is significantly bucking this trend, with Revenue from poker rising 28% to US$11 million from Q3 to Q4 in 2010.”
Overall the company, which has partnered with Caesars Entertainment in anticipation of entering the U.S. market, saw overall revenue up 6 percent to $262.1 million from $246.7 million a year earlier with bingo performing particularly well.
However profits fell 37 percent to £18 million in 2010.
888 has also been linked with takeover talks with Ladbrokes, which Gigi Levy confirmed today were still ongoing.
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