Announcing its full set of financial results for 2017, the company reported group revenues of $541.8m, surpassing the $520.8m reported during the full-year 2016.
Drilling down into individual business areas, revenue from B2C operations increased by 6% year-on-year from $460.2m in 2016, to a figure of $486.6m in 2017.
Revenues from the companies sports based operations grew by a whopping 45% year-on-year during 2017, rising to $75.5m in 2017 from a 2016 figure of $51.9m.
Casino revenues also grew by 4% during 2017, rising from a 2016 high of $282.1m to a figure of $293.9m.
888 Holdings revenues were hit by over $50.8m in exceptional charges during 2017, $45.3m of which was related to prior VAT matters while a further $5.5m was paid to the UK Gambling Commission in connection with fines relating to its business practices.
Adjusted EBITDA jumped 12% year-on-year to $100.7m during 2017 from a figure of $90.2m during 2016, while adjusted EBITDA margin increased to 18.6% during 2017.
Despite the hit taken by the groups revenues, 888 CEO Itai Frieberger remained upbeat, releasing a statement saying: “888 has delivered another year of progress achieving record revenues of US$541.8 million and a 12 per cent increase in Adjusted EBITDA. The Group’s growth was driven by further expansion in Casino, Sport and across regulated markets.
“This very robust outcome was achieved despite the Group’s withdrawal from certain markets during the year and demonstrates 888’s resilience and agility that is underpinned by first-class technology and an outstanding team.”
In January 888 Holdings announced the launch of its debut Italian poker site, 888poker.it, to supplement its existing casino and sports betting offerings, while its operations in Spain contributed over 12% of the groups revenue, which was primarily driven by growth in casino and sports brands.
Frieberger added: “The Group continues to gain momentum in Sport where revenue increased an impressive 45%. Current trading since the start of the year is in line with our expectations with average daily revenue 6% above the previous year, representing an 8% increase when adjusted for the withdrawn markets.
“888 is a resilient and diversified operator with scalable proprietary technology. The Group has a number of significant growth opportunities ahead and the Board is confident of another year of operational progress.”
