888 shares drop

The BetonSports controversy (wherein the CEO of BetonSports David Carruthers was arrested in the United States) had a negative effect on the online gambling industry. In fact, the negative effect had spread on towards online gambling stocks (what with BetonSports being a publicly traded stock in the UK).Well, after showing signs of recovery following the controversial turn of events, the share price of 888 Holdings again dipped by another 6 per cent after the release of its second quarter performance numbers. Stocks of 888 Holdings fell by 11 per cent in early trading and by the late morning of Tuesday was already 6.2 per cent down at 148 pence. This has resulted in the company’s value getting pegged at GBP 564 million.

888 Holdings, an online casino and poker company, has reported that their sales increased by 23 per cent in the second quarter but, inspite of this, they have fallen short of expectations. Chief Executive John Anderson has pointed to the traditional sector slowdown during the second quarter and World Cup this year as the main factors that contributed to the decrease in their earnings.

Anderson has also indicated that there is a big possibility that 888 Holdings will buy a non-US facing sportsbook. He said that the current low share prices in the sector could be a good opportunity to buy an internet bookmaker that is not involved in taking bets from the United States.

“I want a sports book, funnily enough, but it will be a sports book that doesn’t take bets from America,” said Anderson.