888 US revenues drop 10% in H1
CEO Itai Frieberger downplays concerns and says firm is well-placed to capitalize on future regulatory developments
888 Holdings this morning reported a 10% drop in US H1 revenues, largely attributable to the groupâs struggling poker vertical.
Revenues for the half-year fell from $24.7m in H1 2015 to $22.4m this year, as poker slipped back 7% globally, despite efforts to attract recreational players with new game types like Blast Poker.
The US fall-back was in stark contrast to the companyâs performance in Europe and the UK, where it saw double digit revenue growth.
888 CEO Itai Frieberger told EGR NA he was not overly concerned by the drop-off, asserting that crunch time in the US would come when states like California and Pennsylvania began to open their doors to real-money gaming.
âTrading in the US market has been in line with our expectations,â the firm said in a statement.
âWe are benefitting from the successful launch of our shared poker player liquidity across Delaware and Nevada early in the first half of last year and we believe that pooled liquidity arrangements will be a key feature of future states as and when they regulate.
âWith our unique position and experience of the US market, we remain confident that 888 remains well placed to capitalise on future potential regulatory developments.â
888 has partnered with Caesars Interactive in the US to operate the All American Poker Network (AAPN), and is active in New Jersey, Delaware and Nevada.
The US was 888âs worst performing geographic region, with the wider business enjoying a 19% year-on-year rise in H1 revenues, driven by strong double-digit growth from the operatorâs casino and sports betting divisions.