888 revenue increases to record $560.3m for 2019, although profit falls
888 Holdings has reported a 6% year-on-year rise in revenue to $560.3m for 2019; a record high for the operator.
In its financial results for the year ending 31 December 2019, revenue from regulated and tax markets represented 74% at $414.6m.
The majority of its revenue – $530.5m – came from B2C operations, including $359.3m from B2C casino, a 13% rise, with sports betting up 12% to $90m, while B2B revenue was down 41%, to $29.8m.
However, adjusted EBITDA fell 14% to $92.1m, while adjusted profit before tax was down to $53.2m, a decrease of 39%.
Customer acquisition increased 22% to more than one million new players for the year. The UK was the operator’s best-performing market, bringing in $204.1m of revenue, up 20% from 2018.
888 CEO Itai Pazner, said: “Despite the headwinds of significantly increased gaming duties and challenging conditions in some of our global markets, 888 delivered a resilient financial performance during 2019 reflecting the strength of our unique combination of technology, compliance and diversification across regulated markets.”
Last month, the operator reported a rise in casino and poker activity during the lockdown period brought about by the coronavirus, but stated the group has traded above expectations, with year-to-date average daily revenue up 18% year-on-year.
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