With Strong Holdings Across Key Markets, 888 Enters 2020 Riding HighPublished January 15, 2020 by Lee R
CEO Panzer reveals 888's course of growth after a strong 2019.
Boosted by record revenue in December, online gaming heavyweight 888 Holdings has held serve in shifting conditions to reach adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) commensurate with expectations for 2019.
The multinational operator attributed the achievement of the year's goal to the success of its Orbit casino platform and continued sports betting growth.
Poker also reached a new level, overcoming early challenges in 2019 with the first-phase roll out of its new Poker 8 poker platform in H2.
More features are set to be added to the platform this year, in 888's final-phase platform across all poker markets.
As far as the UK market, 888 attributed continued revenue increases to heightening outreach efforts to recreational customers.
In Italy, 888 attributed H2's boost in growth to ongoing casino business success.
Spanish market revenues for 888 were impacted by the launch of the shared poker liquidity networks between Spain, Portugal and France, with 888 encouraged by early performance thus far after the July launch in Spain.
Sweden and Romania
More positive gains were seen by 888 in the Swedish and Romanian regulated markets for 2019, where the percentage of revenue in both markets increased year-on-year.
The company's CEO Itai Panzer reviewed the growth as “solid progress in the second half of the financial year underpinned by continued momentum in casino and sport,” citing the lynchpin of 888's growth as a record 1 million customers signing on to 888 brands over the course of the year.
The course of growth for 2020 of 888 will build on the March 2019 acquisition of Irish sports betting operator Betbright.
Plans for Growth
Pazner confirmed 888's unwavering commitment to long-term growth for 2020, culminating with the launch of 888's “first proprietary sport product during the first half of 2020,” with product development a priority for 2020 as well.
Stakeholders in 888's fortunes should hope that the positive momentum 888 is going into 2020 is bolstered by Itai's assurances of investment in team, marketing and product development to expand growth in the US as the most appealing new market for the year.