CEO Gigi Levy tells Gaming Intelligence why big is beautiful.
888 Holdings is in a fascinating position right now. As the World Cup kicked off in June 2010, the company looked terminally ill. Its share price, which was 120p in January 2010, had dropped over 70 per cent to just 35.5p. The epidemic affecting online poker revenues had yet to claim its first high-profile victim but 888 looked like the sickest patient.
When CEO Gigi Levy started to talk about consolidation after the company’s horrible mid-year results, it sounded like he was crying out for a saviour. But slowly, during the second half of 2010, things started to look up. The company launched its Poker 6 product to rave reviews and players started coming back. The share price has also started to creep back up and was just over 50p at the time of going to press.
Following the merger of two of its biggest rivals, 888 is being courted by Ladbrokes and the deal looks less like a rescue attempt and more like a canny acquisition.