Pacific Poker Profits 'hit by Euro 2008'

Monday August 04, 2008

Pacific Poker internet gaming firm 888 Holdings Plc has blamed this summer's European football championships for a 10% fall in poker revenues.

The company said net gaming revenue from its poker arm was 20 million US dollars during the quarter to June 30. This was the same sum as the prior year, and 10% down on the previous three months.

Gibraltar-based 888 said the slowdown was "in line with general industry weakness during the Euro 2008 football tournament".

Revenues per active poker customer during the second quarter were also 9% down compared to the first three months this year, to 116 US dollars.

But 888 added that revenues from the group's core casino operation were 1% ahead at 35 million US dollars, compared to the first quarter of the year.

Overall second quarter net gaming revenues were 4% better at 67 million US dollars thanks to a strong performance from 888's "emerging offering" operations such as bingo and sports betting. This was 56% ahead of the first quarter, at 12 million US dollars.

Chief executive Gigy Levy said: "We are delighted with our second quarter results, especially given that we achieved sequential quarterly growth during a period which is typically seasonally quiet and throughout the Euro 2008 championship."

888 said the number of active poker players fell 1% to 169,898 during the second quarter. The number of active casino players rose 1% to 77,837. Overall net gaming revenue for the six months to June 30 was up 35% to 132 million US dollars.

The group said the third quarter had started well, with average daily net gaming revenues during the first 22 days of July 2% ahead of the second quarter.

Mr Levy added: "Given the good start to the third quarter and our clear business strategy we are confident of delivering future growth during 2008."