888 Holdings experienced a revenue surge of 9% during the initial six months of 2017.
This digital gaming provider, managing a portfolio of casino games, poker platforms, sports wagering, and bingo products, generated $270.1 million in contrast to $262 million during the corresponding timeframe in 2016.
The most substantial expansion was observed in the company’s casino and sports betting segments, which expanded by 11% and a considerable 45% accordingly. 888’s poker offerings trailed behind its other verticals, exhibiting a mere 1% year-over-year growth.
Income derived from the group’s business-to-consumer activities rose by 11% year-on-year, while revenue from its business-to-business operations declined by 6% to $27.5 million.
Adjusted EBITDA for the half-year concluding on June 30th saw an 8% year-on-year increase, reaching $47.6 million.
The company’s adjusted profit before tax witnessed a 12% rise to $37.6 million from $33.7 million in the preceding year. Conversely, its reported pre-tax loss for H1 2017 stood at $17.3 million, compared to a profit of $27.8 million in the prior-year period. This discrepancy was attributed to $50.8 million in exceptional items incurred during the period.
This favorable earnings announcement follows closely on the heels of the UK Gambling Commission imposing a record £780,000 penalty on 888 Holdings. This sanction stemmed from what the Commission deemed “significant shortcomings” in the company’s management of at-risk gamblers, revealed following a comprehensive inquiry.
Notwithstanding recent obstacles, 888’s chief executive, Itai Frieberger, maintains a hopeful outlook. He emphasized the firm’s sustained financial and operational expansion in the initial six months of 2017, noting a 9% increase in revenue at fixed exchange rates.
This favorable outcome stemmed from consistent growth in 888’s primary casino products, the robust performance of their developing 888Sport platform, and a stable contribution from their poker segment.
This upward trend, combined with the strength of the group’s established business framework, instills confidence in the board regarding 888’s future potential and its capacity to meet full-year targets.
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