888 Holdings Announces It May Look to Consolidate

After the FIFA World Cup Soccer tournament the online gambling industry counted it's funds and concluded if it was profitable or not.
The word is in on the majority of operators and some are obviously up and others are down.
888 Holdings has announced a cost cutting programme to prevent further losses that have forced the company to forgo an interim dividend payment. The online gambling company endured a slump in pre-tax profits in the six months to June 30th and blamed the decline on weakness in the online poker market, the focus on the FIFA World Cup and a fluctuating currency exchange.
Gigi Levy Chief Executive Officer of 888 Holdings, referring to the vulnerable position 888 Holdings has been placed in after the Bwin, PartyGaming merger,  "We look at consolidation as one of the possible routes to realising our full value and feel that longer term this is the direction the industry will take. We have always stated that we will look into all relevant deals and expect the recent merger news to accelerate such discussions in the industry."
The cost-cutting programme will reduce overheads by $5m-$6m in the second half, without specifying where the cuts would be made. Levy said the dividend was not available, "in order to continue investing for future growth, and to support potential acquisitions."
Levy, said there was a “very high likelihood” a merger would take place and that he saw “the advantages of scale” in the light of the industry’s two largest gaming companies consolidating.
Levy said there was potentially a few companies 888 Holding could merge with, but did not specify any one in particular but did not rule out a deal with rival Ladbrokes. The announcement of the first half decline was balanced by the revelation that,
"Trading in August has been significantly stronger than in July, with a double-digit daily revenue increase especially in casino and poker,"