888 Holdings’s profits and shares are down

888 Holdings plc has revealed that the gambling industry has been badly affected by a huge drop in consumer spending combined with slowing economies. The second-biggest online gambling company in UK said that its second-quarter operating income was down 12 percent to $61 million compared to last year.

The company’s first-half sales were also hurt by the strength of the dollar combined with an 8 percent drop in its online poker and casino players. But CEO Gigi Levy was optimistic about the near future, predicting that the company would experience a 20 percent growth in sales next year.

He said the company is feeling “a lot more confident”, and revealed that it is also looking into other areas to expand. It currently holds 22 contracts with other businesses to establish new online gambling operations, and it is also looking into joint ventures with various media outlets.

It revealed that the rise in popularity of online bingo has seen many more women attracted to online gambling, and it will focus more on this area in the near future. It also intends to develop its sports betting facilities.

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