888Poker which is arguably one of the biggest online poker websites in the world may need to do quite a bit of work if it is going to keep up with its rivals in the online poker market. In what would seem like a desperate attempt to draw in new customers, the online poker operator has already begun to make changes to its business model in the hopes of getting back its lost glory after losing a significant share of the market.
888Poker room reported poor results during the first half of the year with the company recording what could arguably be its worst performance in recent times. During the first half of 2018, the company took in about 30.6 million which represents a 28 percent decrease in revenue for 888 Holding’s, 888Poker’s parent company. In addition to this, the company has also noticed a 7.7 percent drop in revenues during 2017 as well as annual revenue drops since 2014.
Who Is to Blame?
As always, there is always a scapegoat for such kind of occurrences and 888Poker’s case is certainly no exception. The company laid the blame on a “tough market” which has been made even tougher by 888Poker’s competitors who they consider to have utilized “old school tactics” to convince poker players to migrate to their platforms. One of the major concerns that the company highlighted was operators raising tournament guarantees and offering extra bonuses as ways of drawing in more players to their platforms.
888Poker also cited losing the Australian market as one of the reasons in its revenue decline, more so for 2017 and 2018. However, not many analysts and market experts are convinced citing that the assertion does not hold water because the company existed in January last year and therefore the exit would not have had an impact on 2018’s numbers.
888Poker will be introducing Poker 8, a new poker client which will be launched in phases and is expected to change the company completely. The online poker operator has described Poker 8 as a “new and improved cross-territory poker platform.”
“We have worked with and taken feedback from our players and the new platform will improve the display of the tables, functionality in the lobby and enhance graphics to provide an even more engaging and modern poker experience,” 888 Poker officials said during the announcement.
According to the company’s representatives, poker is still a vital acquisition tool for the company and the flow of poker players also playing casino and sport continues to be an important element of the business.
Not Everything Is Going Badly
As it turns out, even though the emerging trends in 888 Holding’s poker division are truly troubling, the company has seen an overall revenue bump of over $14 million over the same period when compared to 2017. Also, with a $3 million bump in sports betting revenue, the company might as well be on its way back to the top since sports betting has now become their second-largest offering – if things keep moving at the same pace, sports betting could even turn out to be their best vertical yet.