888 Holdings Maintained strong momentum in Casino and Sport
888 Holdings one of the world’s most popular online gaming entertainment and solutions providers, today reports on trading prior to entering the close period in respect of its Full Year results for the year ending 31 December 2018.
The second half of the financial year has seen 888 deliver further progress against the Group’s strategic objectives. Consequently, the Board remains confident that adjusted EBITDA for the full year will be in-line with its expectations.
888 has continued its momentum in Sport, Casino and across regulated European markets. This progress has been supported by the Group’s ongoing focus on product enhancement with Orbit, 888’s innovative new Casino platform, launched in May and subsequently rolled out across regulated markets. In addition, Poker 8, 888’s new poker platform, is due to begin its phased roll-out in the coming weeks.
In the UK, the Board is pleased to report that the initial positive trends in revenue highlighted in the Group’s Half Yearly Report on September 27th have continued over the second half of the financial year so far.
In the US, the Group has continued to strengthen its position including launching 888sport in New Jersey in September. This marked the first time that 888 offered sports betting in the United States and paves the way for the Group to launch 888sport in additional viable US states as future regulation allows. In December 888 announced the acquisition of the remaining 53% interest in the All American Poker Network, a joint venture established in 2013, for US $28 million. The Board believes this acquisition to be an important strategic milestone for 888 that will facilitate the Group’s future growth strategy in the US.
Itai Frieberger, Chief Executive Officer of 888, said: “During the Period 888 has delivered continued progress against its strategic objectives. The Group has continued to focus on driving growth in regulated markets, enhancing compliance, and delivering exciting product innovation.
“888 has maintained its strong momentum in Casino and Sport, particularly in continental European markets. In the UK, we are pleased to update that the initial positive trends in revenue reported at the time of the Group’s half year results have continued.
“888 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region. The recently announced acquisition of the remaining stake in AAPN places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.
“Underpinned by the strength of the Group’s technology as well as our fantastic team and diversification across products and regulated markets, the Board remains excited by 888’s long-term growth prospects.”