888 Sets New Revenue Record

The formidable force in the world of gambling that is 888 Holdings has just publicly released the figures for last year and, much to nobody’s surprise, the figures are good. Their best yet, actually – the group’s total annual revenue through the 31st of December is $541.8 million, setting the company’s new record.

This means that the revenue rose by 4% on yearly level – 26% in all regulated markets, not including the UK.

888’s casino revenue has made a steady but humble increase of 4% to $293.9 million in total, while sport revenue made quite the statement and absolutely skyrocketed with a 45% increase to $75.5 million!

A 12% year-on-year increase was achieved with adjusted earnings before interest, tax, depreciation and amortization to amount to $100.7 million. Earnings per share also rose by 15% on a yearly basis to 20.1 cents.

888’s Chief Executive, Itai Freiberger, stated that the company’s management is more than satisfied with the end results, noting that yet another year of progress was delivered: “The group’s growth was driven by further expansion in casino, sport and across regulated markets. This very robust outcome was achieved despite the group’s withdrawal from certain markets during the year and demonstrates 888’s resilience and agility that is underpinned by first-class technology and an outstanding team. The group has continued to reap the rewards of its investments in recent years in several growth markets including Spain and Italy.”

Freiberger added that 888 has set their sight on “significant growth opportunities ahead” and that the current trading since the beginning of 2018 is in line with expectations.

Even so, there is one weak point that seems to have presented an obstacle that the brand is now eager to eliminate. The regulations and laws of German market are presenting a big blow to the company, with ’s VAT bill that added up to $45.3 million. Also, the payment processors are rejecting 888 sites’ financial transactions. This is seen as the “regulatory uncertainty” by 888’s board of directors who are contemplating abandoning the German market completely.

Source:

“Audited annual financial results for the year ended 31 December 2017”, corporate.888.com, March 20, 2018.