European online gaming giant 888 Holdings has released their first half 2016 financial results this week, noting that revenues surged by 19% in the period.
Key financial indicators for the half ending June 30th, 2016 were:
- Revenues up 19% to $262 million
- B2C revenues up 21% to $229.5 million
- Casino revenue up 31% to $137.4 million
- Sportsbetting revenues up 63% to $25 million
- Revenues from regulated markets up 29%, and now take up 63% of overall revenues
- EBITDA up 8% to $44.1 million
- Profit before tax up 39% to $27.8 million
Commenting on his company's performance 888 CEO Itai Frieberger said, "888 has delivered a very encouraging performance in H1, resulting in a 19% increase in group revenue to a record $262 million.
"This strong outcome was driven by outstanding momentum at 888Casino and 888Sport where we achieved impressive revenue increases of 31% and 63% respectively.
"In line with our strategic focus we have made further excellent progress developing 888 in regulated markets and have grown regulated revenue by 29% against the prior year, reflecting strong performances in the UK, Spain and Italy as well as 888's recent successful launch in Denmark.
"Trading in Q3 has started well with average daily revenue until August 27 15% above strong previous year comparatives and 22% higher on a like-for-like basis.
"With this strong momentum the board remains confident of delivering against expectations for the full year."