888's Profits Slump 57% To $15.1 Million In 2010

British online gaming group 888 Holdings plc has just released its financial figures for the whole of 2010 showing a massive 57% slump in its pre-tax profits, which fell to $15.1m from $34.6m in 2009.
Despite the company’s revenue growing by 6% to $262.1 million throughout the year, including a 13.5% increase in B2C revenue to $221.7m, 888 also recorded a 21.2% fall in its B2B revenue to $40.4m from $51.3m a year earlier.
Combined with an increase in marketing costs and administrative expenses, the overall result was to produce a 37% drop in 888’s 2010 EBITDA earnings to $28.6 million (17.7 million pounds).
888 Holdings online operations include casino, poker and bingo, and the latest worrying figures have prompted analysts to ponder whether 888’s online bingo would soon be following the decline witnessed in its online poker sector over the past few years.
However, CEO Gigi Levy was quick to dispel and such rumours, and commenting on the latest set of financial figures for 2010 said:
“Following a challenging start to the year 888 finished 2010 strongly. Due to steps taken throughout the year we ended the year with record 18% quarterly sequential growth in Q4, and Revenue grew 6% compared with 2009.”
Going forward, Gigi Levy then added: “888 has begun the year with strong current trading and continues to make good progress across all segments of the business.”
“We expect that soon to come further improvements in our product offering will lead to increased success in driving players to our sites and retaining them going forward. This, alongside our expanding licensee base within Dragonfish, puts us in a strong position for the future.”
888 Holdings’ share price has ranged between 34.50 and 105.60 over a 52 week period, and following the release of the company’s figures, its shares are currently trading at 42.75.

Poker News
Spanish Online Poker Revenue Jumps 27% in Q1
03 Jun 2018
In January, Spain and France started pooling their online poker players in an attempt to revive an industry decimated by the ring-fenced policies adopted by their respective governments. If they were ever in any doubt as to the validity of their move, the results for the first three months of 2018 will certainly have allayed
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this
Maryland Casino Revenue Up 6% to $143m in April
11 May 2018
Maryland’s six casinos generated gross gaming revenue (GGR) of $143.5 million in April, marking a 5.7% increase compared to the $135.7 million collected in the same month a year ago. As a result, the Free State has now returned four consecutive months of gains this year, providing much needed assistance to the Education Trust Fund,