A prominent online wagering and gaming corporation, 888 Holdings, announced a revenue surge of 4% for the fiscal year 2017, achieving a sum of $541.8 million in contrast to $520.8 million the prior year. This expansion was principally fueled by a 6% climb in their B2C (business-to-consumer) earnings, which ascended to $486.6 million from $460.2 million.
Their sports wagering division witnessed a substantial revenue leap, registering a 45% increase from $51.9 million to $75.5 million. Casino earnings also observed a robust 4% growth, hitting $293.9 million compared to $282.1 million in 2016.
Nevertheless, it’s important to recognize that 888 Holdings encountered extraordinary expenses surpassing $5 million in 2017. This encompassed a considerable $4.53 million linked to a prior VAT (value-added tax) issue and a £550,000 (roughly $720,000) sanction from the UK Gambling Commission concerning specific operational procedures.
Despite these financial hurdles, 888 Holdings exhibited strong results with a 12% rise in adjusted EBITDA, attaining $100.7 million compared to $90.2 million in 2016. This led to an enhanced adjusted EBITDA margin of 18.6% for the year.
Itai Frieberger, Chief Executive Officer of 888 Holdings, conveyed confidence in the company’s advancements, remarking, “888 has undergone another year of progress, yielding unprecedented revenues of $541.8 million and adjusted EBITDA growth of 12%.” He acknowledged the influence of exceptional costs on the group’s revenue but maintained a positive outlook on their overall achievements.
The 888 collective experienced notable expansion due to its robust results in interactive entertainment, especially within wagering, athletics, and controlled sectors.
Their Italian footprint broadened with the debut of 888poker.it, supplementing their current casino and sports wagering products. Spain similarly arose as a vital market, with casino and sports names generating over 12% of the group’s overall income. Their sports wagering division displayed particular vigor, boasting a 45% surge in revenue. This favorable pattern was mirrored in their daily profits, which climbed 6% overall and 8% when excluding effects from market withdrawals.
888’s chief executive highlighted the company’s flexibility, varied offerings, and adaptable technology as core strengths. They are optimistic about future expansion prospects and foresee sustained advancement in the year ahead.
