888 Holdings Public Limited Company, a global online gaming entertainment and solutions provider, recently issued a positive post‐close trading update in respect of its results for the year ended 31 December 2020.
According to the note, 888 continued “to deliver a strong performance to the end of the year, with both revenue and active customer numbers in December representing all‐time monthly records for the Group.”
As a result, the document stated that the company’s Board expected the Group to report revenue and adjusted EBITDA for the Period moderately ahead of its prior expectations. The growth continues to reflect “increased new customer acquisition that started at the end of 2019 and continued throughout 2020, the positive impact of new products launched during the Period as well as an acceleration in the shift from retail to online services witnessed across multiple consumer-facing industries.”
Anyways, 888’s Board remains careful for the rest of the year with the main worries related to macro‐economic and regulatory uncertainties in certain jurisdictions. However, they also remain confident that the company can continue to deliver a strong performance given its product proposition, technology and diversification across global regulated markets.
This follows the Half Yearly Report for the six months ended 30 June 2020, where strong progress with revenue growth of 37%, Adjusted EBITDA growth of 56% were recorded.
Financial Highlights saw revenue increase in:
- Group revenue +37% to US$379.1m
- B2C Revenue +38% to US$361.3m
- Casino +48% to US$260.0m
- Poker +56% to US$36.1m
- Sport +1% to US$44.1m
- Bingo +8% to US$21.1m
- B2B +21% to US$17.8m
Founded in 1997, 888 Holdings plc is an online gaming entertainment and solutions provider supplying customers with online gaming products in a safe environment. The group is structured into two business lines: B2C, under the 888 brands, and B2B, conducted through Dragonfish, which provides partners with a platform to establish an online gaming presence and responsibly monetize their brands.
One of their products, 888 Casino, is one of the most popular brands in the iGaming industry. Many comparison online casino sites such as casinodeal.co.uk are often featuring it in their listings.
Safer gambling has become a core focus for the company and, at the beginning of 2020, they launched their “Safer. Better. Together” safer gambling strategy and commitments.