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Poker.co.uk - Poker News Archive
Wednesday 13th May 2009 Consumer Business Wounds 888
888 Holdings, one of the world’s largest online gaming operators, has released its financial results for the first three months of 2009 showing a four percent drop in total operating income from the previous quarter to $57 million.
Gibraltar-based 888 revealed that this was an average decrease of two percent per day while the total operating income from its business-to-consumer division dropped around seven percent to $45.1 million mainly due to a disappointing March.
888 stated that the total operating income from its business-to-consumer casino services fell ten percent quarter-on-quarter to $27 million while the number of players decreased by seven percent to 62,000. In terms of its poker operations, total operating income dropped six percent from the last quarter of 2008 to $14 million with three percent fewer customers.
The news was not all bad as the firm revealed that the total operating income from its business-to-business division rose 13 percent to $11.9 million, which it stated was a 16 percent increase on a daily average basis.
In addition, 888 announced that it had 6.1 million casino, poker and real-money sportsbetting customers as of the end of March, which represented an increase of 25 percent year-on-year.
The firm stated that its current financial position remains strong with approximately $110 million in cash equivalents and no debt leaving it in a sound position to exploit opportunities when they become available.
'Our business-to-business division continued to show strong growth during the first quarter of 2009,” said Gigi Levy, Chief Executive Officer for 888.
“Trading in business-to-consumer continued to be challenging reflecting the weak economic backdrop. Despite monthly sequential growth in January and February, trading in March was weaker. While we are encouraged by improved trading in April across all of our lines of business, we now start to enter the historically quieter seasonal period. However, our various business initiatives are progressing well including our developing business-to-business offering and we, therefore, expect to grow the business further during the year.'
Source: OnlineCasinoNews
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