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While much of the casino and gaming industry has seen hopeful results including internet gambling operations such as PartyGaming Plc and Playtech Ltd, online gaming firm 888 Holdings Plc who services internet casinos such as Harrah’s Entertainment is not looking so good.
The online casino company which runs bingo and poker websites said daily average revenue in the first 25 days of the second quarter was 13% below the first-quarter average, partly reflecting seasonal trading patterns.
In the first quarter of 2010, total operating income in the company’s business-to-consumer (B2C) division increased by 30% on the previous year to $59 million. However business “remains challenging across our product range,” said Chief Executive Gigi Levy.
888 reported that its emerging offering, which includes bingo, sports betting and backgammon had continued to outperform its core products while Dragonfish, its business-to-business arm, had won new deals however revenue from those agreements had yet to gain significant volume.
The company said it remained positive about its prospects, adding that appropriate steps, including cost cutting, were being taken.
“We believe that the right steps are being taken to counter the current challenges we face and the board remains confident in 888’s strategy,” Levy said.
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