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888.com's b2b subsidiary Dragonfish performed sufficiently well to limit a decline in Q3 revenues at the online gambling group, but Management still posted a drop of 10% compared to Q3, 2008.
The company's interim management update this week reported financial highlights as:
Operational Highlights included:
Commenting on the results, chief executive Gigi Levy said: "We are pleased with the results achieved during the third quarter. 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.
"We are particularly pleased with the 99% growth achieved in our B2C emerging segment during the first three quarters of the year. Whilst Poker remains challenging the B2C business showed resilience during the third quarter. The fourth quarter started well and given that our various business initiatives are progressing as planned we expect to grow the business further during the year."
Investment in 888's offering continues, the statement reveals. The Casino client was released in three new languages, a new no-download Casino was introduced integrating, for the first time, the successful live dealer offering. In addition, 20 new games were added including the branded Cluedo, Cleopatra and Hulk Games. In Bingo 888 completed a new integration platform allowing rapid game deployment with 11 new side games already integrated, including the successful "X-Factor" product.
The group has approximately US$105 million cash equivalents (of which approximately US$35 million represent liabilities to customers) and has no debt.
Source: InfoPowa News
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