888 third quarter: Dragonfish bearing the load (again)
888's third quarter revenue is down 10% on the same period last year, the company's Q3 results reveal, and has been saved by a further drop by growth in business-to-business (B2B) arm Dragonfish.
888’S THIRD QUARTER REVENUE is down 10% on the same period last year, the company’s Q3 results reveal, and has been saved by a further drop by growth in business-to-business (B2B) arm Dragonfish.
Revenue was $60.9m, in line with Q2 2009 but down 10% on Q308. This was caused by falls in casino and poker revenue, down by 16% YoY to $29.4m and by 28% to $12.5m respectively, although the company’s small emerging games unit grew revenue 44% to $6.4m.
However the company’s Dragonfish B2B arm recorded revenue up 15% year-on-year (YoY) to $12.7m. This will be boosted via Dragonfish’s B2B deal with Harrah’s, signed in September, which 888 said will see the launch of Harrah’s’ World Series of Poker (WSOP) and Caesars online casino and poker brands by next week.
Other highlights for the B2B arm during the period include Dragonfish’s launch of poker and casino in the Balkans and deal with South Africa’s Tsogo Sun Gaming Group. Today’s results echo those of three months ago, when Dragonfish’s growth saved 888 from a sharp dip at the half-year point caused by the business’ consumer arm.
Chief executive Gigi Levy said: “Our B2C business showed resilience during the historical seasonally weak summer period and Dragonfish has continued its impressive growth. With Harrah’s set to launch in coming days and a strong pipeline, we remain confident of reaching our targets.”
Dragonfish is exhibiting at EGR Live, eGaming Review‘s free two-day conference and exhibition for operators this month.
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