888 Holdings revenue rises 9% in H1 2017

ne gaming company 888 Holdings has reported a 9% year-on-year rise in its revenue for the first half of 2017.

The group, which operates a number of brands in casino, poker, sport and bingo announced revenue figures of $270.1 million, rising from the $262m reported during the same period of 2016.

Its biggest year-on-year gains were in the firm’s casino and sports betting divisions which reported growth of 11% and 45% respectively. 888’s poker division reported a lower increase than its other business areas, only growing year-on-year by 1%.

Revenue from the group’s consumer facing operations increased year-on-year by 11%, however company revenue from its business to business offering decreased by 6% to $27.5m.

Adjusted earnings before interest, taxation, depreciation and amortisation rose year-on-year by 8% to $47.6m for the first six months of 2017.

The companies adjusted profits before tax increased by 12% from $33.7m in H1 2016 to $37.6m, while it reported a H1 2017 loss before tax of $17.3m in comparison to H1 2016 profits of $27.8m, citing exceptional charges of $50.8m in the period.

These figures come a week after 888 Holdings was fined a record £7.8m by the UK Gambling Commission, following an extensive investigation which revealed significant failings in its treatment of problem gamblers.

Despite this recent setback, Itai Frieberger, Chief Executive Officer of 888, remained upbeat, saying: "888 has delivered further revenue growth and operational progress in the first half of 2017 resulting in a 9% increase in revenue at constant currency. “

“This pleasing outcome was driven by continued growth in 888's core Casino vertical, strong momentum in the fast-growing 888Sport and a good performance in Poker.”

“Underpinned by this momentum as well as the proven strengths of the Group's business model the Board remains confident that 888 will achieve further progress and deliver its expectations for the full year."