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888 Reports Record Drops in Revenue and Blames World Cup and Casinos

The August 06, 2023, By Takato Sugihara

Israel and London-based gaming company 888 reported a total operating income drop of 36 percent in its business-to-consumer poker division during the second quarter.

Although the company said the drop was “in line with general online poker trends”, the numbers are leading analysts to speculate about the company as a potential takeover target in the competitive online poker industry.

888 announced the decline, stating, “Trading throughout this period has been challenging, impacted by a number of factors including general online poker weakness, adverse F/X and, in relation to Poker and Casino, the World Cup.” The online poker market, buoyed primarily by PokerStars and Full Tilt, dropped in the second quarter, but is still maintaining an annual growth rate of three percent.

Although 888 is reporting a 25 percent loss overall for in the poker unit’s for the first six months of the year, competitors are expressing interest in acquiring the struggling division. In the wake of the merger between PartyGaming and bwin, 888 representatives confirmed that unnamed rival networks have been in contact concerning possible takeovers.

“This puts us in a position in which we are one of the best assets in the field; we got a few phone calls immediately from various people. Everybody in the industry is looking and saying ‘who is the best one to merge with if we need to?’,” Chief Executive Gigi Levy stated.

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