888 Holdings Sees Share Price Drop
By James Mc
After showing signs of recovery following the damage caused by last week’s BetonSports affair, share prices at 888 Holdings took another 6 percent drop on the release of its second quarter performance numbers. 888 shares fell 11 percent in early trade and by late morning Tuesday were 6.2 percent weaker at 148 pence, valuing the business at around GBP 564 million

The online casino and poker company reported that sales rose 23 percent in the second quarter but had nevertheless fallen short of expectations. Chief Executive John Anderson pointed to the traditional sector slowdown during the second quarter and this year’s World Cup as the main factors behind the drop in revenue.

Anderson also hinted at the possibility of 888 acquiring a non-U.S. facing sportsbook, saying that current low share prices in the sector could present good opportunities to buy an Internet bookmaker that is not involved in taking bets from the United States.

'I want a sports book, funnily enough, but it will be a sports book that doesn’t take bets from America,' said Anderson. '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 we would like to provide that option.”

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