27 Jul 2006
888 Holdings, a leading online casino group, has witnessed a sharp drop in share prices in last week’s stock exchange downward spiral. The online casino company has taken another 6 percent drop on the release of second quarter performance numbers that did not come up to what they believed would be their quarterly results. Sales rose, according to reports, by 23 percent in the second quarter but still managed to fall short of expectations. John Anderson, CEO, explained that revenues had been hit by the traditional sector slowdown each second quarter, along with the presence of the World Cup this year, which pulled customers away from their computer screens to watch televised football matches.
‘The guy who plays poker with us on a Sunday afternoon, also wants to put a bet on Manchester United versus Everton on a Monday night, and at the moment we can’t give him that, so he leaves us and goes somewhere else,’ Anderson said regarding talks of possibly adding an online casino sports book to their list of offerings. ‘I want a sports book, funnily enough, but it will be a sports book that doesn’t take bets from America. I need it as a retention tool.’ With the current drop in stocks, it will be interesting to see how this online casino group proceeds with its operations.
One thing is certain – online casino gambling is not going to fade away in the near future. 888 Holdings still has time to recuperate and draw back many of its loyal customers to the virtual doors of its many online casino sites. It will be a challenge, however, with all of the recent developments in the US regarding gambling laws and the arrest of a famous CEO of Bet On Sports, David Carruthers.
Back
|
