Pacific Poker’s internet gaming company 888 Holdings has declared that the main cause behind the 10% drop in the company’s net revenue was the heavy sports betting action during the Euro 2008 football champions. The $20,000,000 during the second quarter of the year was the same as this time last year, but down 10% compared with the previous three months.

The company believes the slowdown and the sportsbetting circumstances surrounding the online betting company profits was not specific to them though, instead  they think the drop was 'in line with general industry weakness during the Euro 2008 football tournament'.

The amount earned from each of their active players was down 9% on the previous quarter, with each player netting the company $116 each.

While the poker revenues may have been reduced, the company did explain that general online casino operations on the site have increased 1% compared to the first quarter of the year.

'We are delighted with our second quarter results, especially given that we achieved sequential quarterly growth during a period which is typically seasonally quiet and throughout the Euro 2008 championship.” said 888 Chief executive Gigy Levy.