2020 forecast higher than expected for 888, as revenue rises 34%

By Iqbal Johal

888 Holdings anticipates its 2020 financial forecasts to be significantly higher than expected, after year-to-date revenue increased 34% year-on-year.

The operator announced the average daily revenue rise for the period 1 January to 23 June in its trading update, and now expects to achieve a significantly higher adjusted EBITDA for 2020 than previously thought.

The group attributed the strong performance to the shift to online verticals that has accelerated across various markets in recent months, as well as an increased level of customer acquisition during the second half of 2019.

Despite the coronavirus pandemic having a negative impact on sports betting with the suspension of live sport from mid-March, the operator was encouraged by its poker performance, which has performed strongly throughout the outbreak.

888 also mentioned it has seen a better-than-expected customer uptake to the return of live sport from mid-May, and so far during June it’s sport revenue run-rate is ahead of June 2019.

However, the operator said it was mindful of possible headwinds that could arise in the second half of 2020, including a prolonged period of economic uncertainty which could impact customer spending.

888 CEO Itai Pazner said: “We remain vigilant about our responsibilities to protect customers and prevent gambling-related harm.

“We continue to take a number of proactive measures to communicate with players about safe gambling and invest in our products and technology to ensure we always deliver a fun and, above all, safe place to play.”

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