888 Holdings has entered 2020 “with good momentum across several regulated European markets,” as the group stressed confidence in achieving its EBITDA targets for 2019.
Boosted by continued progress during the second half of the year, particularly in December where revenue reached “an all-time monthly record,” the post close trading update, which did not contain specific figures, pertained to the year ending December 31, 2019.
888 comments that its performance in the past year has been underpinned by the continued success of the Orbit casino platform across a number of regulated markets, as well as further good revenue growth in sport.
Despite acknowledging the continuing challenge across the poker market, the firm did stress that it’s pleased by progress made in the first-phase roll-out of the new Poker 8 platform during H2 2019.
Furthermore, a number of new products as well as the rolling out the final-phase platform across the group’s poker markets is to follow during 2020.
Switching focus to specific jurisdictions, 888 reported a continued revenue increase in the UK, with Italy also said to be performing well during the year’s second half, driven by growth in casino.
Revenue from Spain however was impacted by the launch of competitors’ shared poker liquidity networks between Spain, Portugal and France, with the group encouraged by the early performance of its own shared liquidity network between the former two nations, which launched in July.
Continued progress was also reported in the Swedish and Romanian regulated markets throughout the period.
Itai Pazner, chief executive officer of 888, explained: “The group has delivered solid progress in the second half of the financial year underpinned by continued momentum in casino and sport.
“We are very encouraged by the growth in new customers during 2019 with a record of more than one million new customers signing up to 888’s brands during the year. In addition, we were very pleased to end the year with a record revenue month in December.
Moving on to address progress following the £15m Betbright acquisition: “2019 saw a number of key strategic developments for the group including the acquisition in March of a sports betting platform and an outstanding sports team based in Dublin. The Post-Merger Integration plan is progressing in line with expectations and 888 remains on track to launch its first proprietary sport product during the first half of 2020.
“888 has entered 2020 with good momentum across several regulated European markets and, underpinned by further investment in our team, marketing and product development, we remain focused on achieving further progress in the US. With 888’s core strengths as a responsible operator with outstanding technology and diversification across a number of regulated markets, the board remains confident of further progress in the year ahead.”
