888 cutting costs due to World Cup

[The Buzz]

Online gambling giant 888 says it will launch a cost-cutting program after the company saw profits dwindle during the World Cup. The company says the cost-cutting program will reduce overheads by $5 million to $6 million in the second half of the year.

From the Financial Times:

Gigi Levy, chief executive, blamed the decline on weakness in the online poker market, currency exchange movements and the distraction of the soccer World Cup on regular poker and casino activity.

Revenues of $130m for the six months to June 30, although 10.5 per cent higher than the same period last year, were lower than expected, the company said.

Bingo overtook poker, generating $23.5m in revenues, while poker fell from $26.2m to $19.6m. Casino revenues rose from $55.9m to $59.3m.

[Anthony]

Really surprised to see bingo overtaking poker.

Bingo has been growing by leaps and bounds.

[matted]

Wonder if affiliates will get squeezed. Their aff program is already at the bottom of the pack.

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[TheGooner]

I think that Bingo only grew it's share at 888 because of a major bingo operator acquisition.

[davenewgates]

I can't believe that bingo is leading on the market right now. I just hope that their plan of putting up a cost-cutting program will be a success.

[EugeneK]

I would recommend them to work better with affiliates, and they will see an increase in their revenues.

does anybody earn good money with uffiliates?

[RayUK]

I think that Bingo only grew it's share at 888 because of a major bingo operator acquisition.

Yes, 888 acquired the Joy of Bingo sites/operation. So far the aff programme is still separate, and I do hope that 888's attitude to customers doesn't spill across to the JoB sites Also hope that Uffiliates doesn't take over the aff programme for JoB either!