The governance of 888 Holdings has issued a “pre-close 2018” trading statement and revealed that the company is confident of achieving its full-year corporate targets and expectations.
The London-listed online gambling group has seen progress over the entire year and is confident over plans to expand in the US.
Recently, the company bought the remaining 53% of shares in All American Poker Network for $28 million which is an important strategic milestone that will facilitate their future growth strategy in the US.
In September, the group launched 888sports in New Jersey and paved the way to launch in other states as soon as the future regulations allow it. The company’s UK business has performed strongly in the second half of the year after a difficult first half when UK revenue slumped by 18% to $86.5 million. Investors responded positively and the company’s share price trading up 6.88% at 181.70 pence per share.
“The Group has continued to focus on driving growth in regulated markets, enhancing compliance, and delivering exciting product innovation,” said the 888 chief executive, Itai Frieberger.
Their progress in Europe has been supported by the group’s ongoing focus on product enhancement. Their new casino platform launched in May, Orbit, rolled out across regulated markets and the new poker platform Poker 8 is soon to begin a phased roll-out.
The board is confident that adjusted EBIDTA for the full year will be in line with expectations and remains excited about 888’s long-term growth prospects.
Let us remind you that in 2017, the company paid out $5.5 million UKGC penalty charge for social responsibility failures and they were forced to absorb $45 million in exceptional costs related to VAT penalties in German market. Although this year has been as a year of alignment for 888 operations as the company had to modify its structures to obey to a stricter European regulatory environment, they have remained strong. 888 improved on anti-laundering processes, customer due diligence and protection.
“888 has maintained its strong momentum in Casino and Sport, particularly in continental European markets. In the UK, we are pleased to update that the initial positive trends in revenue reported at the time of the Group’s half-year results have continued.” Frieberger added.
“Underpinned by the strength of the group’s technology as well as our fantastic team and diversification across products and regulated markets, the board remains excited by 888’s long-term growth prospects.”