888 Posts Strong Revenue Growth
888 Holdings has reported that it remains on track to meet full year expectations after double-digit customer acquisition growth and strong revenue growth in the UK market, as well as in its sport and casino segments.
The company said increased marketing investment and the release of the its Orbit Casino platform have driven customer acquisition up by 20% resulting in a 6% increase in like-for-like group revenues between the beginning of the calendar year and 18 May.
The FTSE 250-listed company also enjoyed 29% and 13% constant currency revenue increases from its sport and casino segments respectively, offsetting a flat performance from bingo and a 28% decline from poker.
Meanwhile, revenue from the UK increased by 18% on a like-for-like basis, with the vast majority of revenue having been generated by recreational customers.
Itai Pazner, chief executive of 888, said: “888 has enjoyed a solid start to the year with strong momentum in casino and sport across a number of the group’s major regulated markets. Whilst poker has remained challenging, we were pleased to see an improving revenue trend in Q1 2019 against Q4 2018. In addition, we are very encouraged by a 20% increase in first time depositors across the group’s B2C business in the period; this reflects 888’s outstanding marketing capabilities and is a key indicator of our growth prospects.”