SHARES in online gambling firm 888 Holdings jumped more than 30 per cent yesterday after it said average daily revenue in 2019 was up 18 per cent.

888 said there had been evidence of increased customer activity in the group's casino and poker products amid the coronavirus outbreak, which may compensate for the sports betting disruption.

However the online gambling firm was cautious and said: "In the event of a prolonged period of global macro-economic uncertainty, it is possible that consumer spending across the group's online gaming product verticals may also become impacted."

Other gambling firms have struggled in recent weeks as sports events across the globe were cancelled. Earlier this month, William Hill suspended its dividend after warning the postponement of key sporting fixtures would reduce its earnings by up to £110m. Similarly, Paddy Power owner Flutter said it would take a £90m to £110m hit to fullyear earnings.

(c) 2020 City A.M., source Newspaper