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Published its results for the six months to June 30, 2018, online gaming and betting giant 888 Holdings reported a modest increase in group revenue and saw profit-before-tax swing from a $17.3m loss in H1, 2017, to a $60.1m profit in the first half of this year.

Group revenue increased by one per cent to $273.2m while B2C revenue was up a little more, by two per cent to $246.7m.

While revenue increased by 30 per cent, “led by Spain and Italy”, it was the operator’s principal market, the UK, that had the greatest influence on the H1 figures.

UK revenue fell by 18 per cent, year on year, to $86.5m. 888 said in its statement: “This was driven in part by revisions to our practices to align with the stricter regulatory environment across the market.”

That refers largely to the record £7.8m fine handed down the 888 by the UK Gambling Commission in August, 2017, with the regulator citing “significant flaws” in the operators approach to managing those at risk from problem gambling.

Releasing its results, the company said that in the UK it was in the process of “tightening anti-money laundering processes and increasing customer due diligence and protection,” calling the moves “not only the right thing to do but also to position the group for long-term development.”

Casino revenue continues to power progress at 888, up 10 per cent in H1 to $161m, while sports betting revenue also performed strongly, climbing 11 per cent to $37.5m in the period.

Perhaps reflecting the harsher regulatory climate in the UK, 888’s bingo revenue dropped 11 per cent in H1, to $17.6m.

Itai Frieberger, CEO of 888, said in the statement:“888 has continued to focus on enhancing compliance and customer protection, delivering growth in regulated markets and exciting product innovation.

“We have maintained strong momentum in Casino and Sport particularly in continental European markets. In the UK, we are pleased to report that since the period end we have started to see positive trends in revenue. This follows the proactive and prudent customer protection measures that we have implemented over the last 18 months which have adversely impacted revenue.

The repeal of PASPA [in the US] in May was a very exciting development for 888 given our unique experience and established partnerships in the US market. We have continued to invest in our US operations for long-term growth including extending our inter-state Poker network across all three currently regulated states, significantly enhancing our Casino product and, most recently, launching Sports betting in New Jersey,” said Freiberger.