888 Holdings Revenue Increases In Spite of Fine

888 Holdings Revenue Increases In Spite of Fine

888 Holdings has revealed that for the first half of 2017, it has achieved revenue figures of $270.1 million. This is a 9% year-on-year (YOY) increase in its revenue compared to the $262 million the online gambling company reported for the same period of last year.

The online gaming firm operates several different digital gambling brands including casino, poker, bingo and sports. It's largest YOY gains were in its casino and sports divisions. 888 Casino reported 11% growth and 888 Sports reported a growth of 45%. The company also reported an 11% YOY revenue increase for its consumer facing operations as well as a small 1% increase for 888 Poker.

However, it wasn't all good news. 888 reported a 6% decrease in revenue for its business to business offering. Furthermore, it revealed a H1 2017 loss before tax of $17.3 million compared to H1 2016 $27.8 million profits. The company said this was due to exceptional charges of $50.8 million during the period.

UKGC fine didn't compromise firm's success

The revenue report came only a week after 888 Holdings was fined by the UK Gambling Commission. The company was hit with a £7.8 million fine after an extensive investigation revealed 888 had significantly failed in how it treated problem gamblers.

In spite of the company's recent setback due to the fine, 888's CEO Itai Frieberger remained positive about the firm's current success and future progress. He attributed the company's continued growth to its " Core Casino vertical, strong momentum in the fast-growing 888Sport and a good performance in Poker.”

"The Board remains confident that 888 will achieve further progress and deliver its expectations for the full year," Frieberger stated.

About The Author

As both a player and a fan of strategy analysis in the area of online gambling, my goal is to share the latest information and news about online casinos and the games that they offer. My background was originally in writing guidebooks for the individual games, as well as for tournaments, but after a decade of that, I chose to expand my experience to writing honest, objective, and helpful articles.

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