Poker Sites Suffer from World Cup Fallout

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Everyone anticipated that the World Cup would be a distraction, but the size of the distraction was vastly underestimated, and as a result online poker sites have seen their profits plummet.

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Many online poker players were clearly more interested in following the ups and downs of the 2010 Football World Cup than they were in playing poker. Now the scale of the downturn experienced by online poker sites has been revealed by 888.

Share holders in 888 who were expecting a healthy dividend have been disappointed by the news that in order to preserve its diminished supply of cash, the company has cancelled its half yearly interim dividend. During the first six months of the year 888 profits fell by 56% to £2.7 million.

Gigi Levy who is the chief executive of 888, said “Our business experienced a difficult first half against the backdrop of a challenging economic environment.”

The major reason for the decline was the World Cup but other factors also had an impact. The company had spent considerably more than the previous years on marketing activities and money was lost on unfavourable currency values.

Although poker revenues were down by around $7million other markets showed increasing revenues. Bingo revenues increased by around $5 million through Foxy Bingo, which is owned by 888, and the 888 casino income rose by 6%.

It seems that this was a temporary glitch and poker players have returned to the site. In addition a brand new platform has been launched which is attracting new customers.

The 888 share price is unchanged at 37p and city annalists believe that this is now too low so if you have any shares you should hold them and they could be a lucrative buy.

On the other hand, why not pop over to 888 Poker and give the new site a try.

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