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NEWS 12 March 2019

888 suffers poker and bingo decline as revenue falls for 2018

By Tim Poole

Operator 888 Holdings saw full-year group revenue fall 2% to $529.9m for 2018, citing competition and regulatory scrutiny as major factors.

After succeeding Itai Frieberger in the role of 888 CEO in January, Pazner warned of disappointing 2018 figures in an exclusive interview with Gambling Insider.

That warning was confirmed by 888’s financial report, with the fall in revenue underpinned by a 37% drop in B2C poker revenue, to $49m, and a 17% decrease in B2C bingo revenue, to $32.4m.

However, B2C sport revenue was up 6% to $80.3m, aided by the summer’s Fifa World Cup, while B2C casino revenue rose 8% to $317.6m.

Adjusted EBITDA was up 6% to $107.1m and adjusted profit before tax rose 11% to $86.7m.

CEO Pazner said: "Despite headwinds in some areas of the business, the financial performance in 2018 was resilient and we achieved a record EBITDA outcome for the year.

"The group achieved continued growth across several regulated markets, primarily in continental Europe, underpinned by good momentum in casino and sport."

In spite of the results, 888's share price was up from £1.65 ($2.17) to £1.67 on the morning of the announcement.

RELATED TAGS: Sports Betting | Financial | Bingo | Poker | Casino
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