This story was published more than 4 years ago.
888 Holdings has announced their full-year 2019 financial results, noting that they set record revenues but profits were down.
Key financial indicators for the year ending December 31st, 2019 were:
The UK was the largest market, generating $204.1 million in revenue, while Europe brought in $231.2 million.
Gaming taxes were up 36.4% to $95.5 million, while sales and marketing experiences were up 4.4% to $161.8 million. EBITDA was down 20.1% to $85.6 million. The end result was a net profit of $45.3 million, down 58.3% from 2018.
Commenting on the results 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.
"We entered 2020 with a record level of customers and the trends reported in our update on 24 March 2020 have continued in the year to date. The Board is closely monitoring the impact of COVID-19 on 888 and its customers.
"We continue to recognise that with people spending more time at home and with increased levels of stress and economic uncertainty, 888's unwavering commitment to preventing gambling related harm is even more important than ever. We are proactively communicating with our customers to provide information on safer gambling and, where necessary, offer support."
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Comments
I'm a bit shocked that sportsbetting is not the main recourse for 888...always have been knowing them as one off the decent bookies but obviously they're more in to their casino business now.
To be honest, I'm quite surprised that they're doing that well. I was never a big fan of theirs, their product didn't speak to me. But I think they're doing well in the regulated markets which is probably a big factor for their revenue.
sharpe
Yeah I guess you're right blck, I don't think 888 are eligible in too many European countries anyway which could explain the fact that their revenues just in UK are almost equal to that in the rest of the continent, certainly that shouldn't be the case even if we accept the UK's market is by far the largest one.