Revenue growth of 37% for 888
October 1, 2020
888 has announced its half-yearly results for the six months ended June 30rd 2020. The group revenue increased by 37% to $379.1 million, B2C revenue increased by 38% to $361.3 million and B2B revenue increased by 31% to $17.8 million.
In details, casino revenue increased by 48% to $260 million and poker revenue by 56% to $36.1 million, while sports revenue slightly decreased by 1% to $44.1 millions which is better than expected. Finally, bingo revenue increased by 8% to $21.1 million. Revue from regulated and taxed markets represented the significant majority of 888’s revenue at 73%.
“888 has performed very well throughout the first half of 2020 with robust year-on-year growth in revenue and adjusted EBITDA of 37% and 56% respectively. This outcome reflects the group’s continued strong levels of customer acquisition, general consumer trends towards increased use of online services especially during the Covid-19 lockdown period and 888’s relentless focus on product leadership”, said Itai Pazner, CEO of 888. “We recognized early on that the COVID-19 pandemic would have a material impact on the lives of our customers across many global markets and this required an appropriate response from 888. We were therefore quick to increase our vigilance on safe gambling and preventing gambling-related harm. We are pleased with our continued progress in the US where revenue increased by 90% year-on-year reflecting the group's outstanding B2C growth in New Jersey as well as strong performances from our B2B partners. We remain excited by the potentially significant medium-to-long-term opportunities for 888 in the US market”, he added.
888 is set to deliver further product enhancements in the coming months, including the introduction of its new poker products and the launch of its proprietary sportsbook in the UK early next year. “In addition, we are continuing to invest in safe gambling tools and will begin the roll-out of a new customer-centric safe gambling feature called the 'Control Centre' later this year that will offer customers an improved interface to help them understand better their gambling behavior”.