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Global recession hits Casino-on-Net Group figures

The online gaming super group Casino-on-Net, which operates brands such as Pacific Poker, Casino, Ladies and Sport saw a drop of $20 million from 2008 to $246 million. The Group blames the harsh economic climate and effects of foreign exchange.

Although the headline figures look poor, the Group is confident that things are looking up and that the new additions to the group are already making a big difference to the bottom line for this financial year.

The group has recently launched Dragonfish its business-to-business offering and added (through acquisition in December 2009) the massively popular Wink bingo both of which have contributed profit already.

Gigi Levy, the CEO of 888 Holdings, spoke of the figures at a recent press conference:

"2009 was the year that validated the strength of the Group's combined business model: a world class B2C operator and an innovative and comprehensive B2B service provider. Whilst the market for our B2C business remained challenging we retained our focus on innovation to ensure our offering remains at the forefront of the gaming experience with exciting visuals, increased interactivity, more community focus and a new customer loyalty programme. In January this year we also launched a new streamlined, distinctive and digital look to our four key sub-brands - 888Casino, 888Poker, 888Bingo and 888Sport.

"Dragonfish has grown significantly in 2009 signing a number of new agreements including a partnership with Linden Lab for payment service provision which extends our reach outside the online gaming market for the first time. Yesterday we announced an agreement with bwin Italia to provide a comprehensive casino offering, our first move into the newly regulated Italian casino market.

"2010 started well with strong January trading followed by a slightly slower February. During the first 79 days of Q1 average daily revenue was 3% higher than the strong Q4 (a decline of 3% on a like-for-like basis excluding Wink). Given our strong operational and financial platform we remain confident of our prospects for the year ahead."

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