888 poker and casino segments fuel 37% H1 growth
888 Holdings saw revenue of $379.1m for the first six months of 2020, a rise of 37% year-on-year.
The operator’s B2C revenue saw an increase of 38% compared to 2019, at $361.3m, while B2B revenue saw growth of 21%, at $17.8m.
Of 888’s B2C revenue, poker saw the highest growth. Poker revenue increased by 56% year-on-year to $36.1m, while casino revenue was the second highest with a 48% increase, totalling $260m.
Sports revenue decreased year-on-year by 1%, with revenue totalling $44.1m. Despite this, the operator said June revenue for sports betting increased by 59% from 2019 – demonstrating the recovery of the vertical after COVID-19 sports cancellations.
Total adjusted EBITDA for 888 increased by 56% to $70.1m, with an adjusted EBITDA margin of 19%.
Profit before tax also saw growth of 130%, totalling $50.9m, while adjusted profit before tax was $50.4m.
According to the operator, its performance during the third quarter has continued to be ahead of the board’s expectations, with average daily revenue up 56% compared to the prior year.
Commenting on the results, Itai Pazner, CEO of 888, said: “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.”
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