888 Holding’s Annual Revenue to Rise 45% in 2020

888 Holdings has announced that the company expects the year-on-year rise in revenue for this year of 45%. The brand has secured market access agreements to launch sports betting in three new US states.

Their strong operational performance in the year’s second half was assisted by high levels of customer acquisition during 2019 and 2020.

A Good Year Overall

888 also noted that it has continued to reap benefits from the structural changes in behavior of customers…

…because during the year players migrated en masse from retail to online. New product launches have aided this, as well as the bigger focus on safer gambling and player protection.

888 has said that this means that earnings before interest, tax, depreciation and amortization are going to be ahead of initial expectations for 2020.

888 CEO Itai Pazner, remarked:

“This performance continues to reflect strong [first time depositor (FTD)] trends in line with the group’s recreational customer focus as well as the structural shift towards online services being seen across several consumer-facing industries.

888 continues to invest in protecting customers and has again increased the volume of interactions with customers initiated by 888’s safer gambling team in order to help prevent gambling related harm.”

No Changes For the Next Year

888’s 2021 expectations are unchanged at the moment…

…even after taking into the new regulation changes in , as well as boosted levels of investment in the US.

This boosted US investment has come at the same time as the expansion into three new states – Indiana, Iowa and Colorado.

888Sport will launch under Colorado Grande Casino’s license in Colorado, while in Iowa the brand will offer sports betting under Catfish Bend Casino’s license.

In Indiana, the brand will operate through a partnership with Caesars Entertainment’s Harrah’s Hoosier Park.

888 is now active in six US states, the other three being Nevada, New Jersey and Delaware.

888 senior vice president and head of commercial development Yaniv Sherman said:

“Expanding 888Sport.com into these three states represents another major milestone in our ongoing growth across the regulated US online gaming market. We continue to appraise strategic partnerships that will provide additional brand-building and market access opportunities for 888 across the US market in the near future.”

Source:

“888 forecasts 45% revenue rise for 2020”, igamingbusiness.com, December 2nd, 2020.