888 Holdings, the Gibraltar based global facing gambling group,
reported a significant drop in profits in the first half of 2009.
However, the group showed no signs of panic and said that its new "recession
friendly" range of products would help keep its finances on track until the
market situation starts to improve.
Profits at 888 slumped 43%, with pre tax profits down from $26 million last
year to $15 million in the first six months of 2009.
Nevertheless, the Chief Executive Officer of 888, Gigi Levy was optimistic
that things would soon return to normal and that the group would return to
growth in a short space of time.
"We have reason to believe that we will see the
typical seasonal patterns return, namely a broadly flat third quarter and growth
in the fourth quarter," said Levy.
888 has adapted itself well to the market and has introduced a number of what
it calls "recession friendly" products, including elevated welcome bonuses, more
jackpots and happy hours.
Other factors that 888 is relying on to return to growth include improved
social networking tools.
As a result, the number of poker and casino customers rose by 7% in the
second quarter of the year, compared to the first quarter.
888 casinos took the brunt of the sharp fall in profits, with earnings
slumping 20% overall.