888 Holdings Revenue Grows by 4% in Last Year

888 Holdings888 Holdings is a gaming and online casino operator that provides its customers with a broad spectrum of gambling products. In addition to casino games, it runs a poker room and a fully fledged bookmaker popular among savvy punters. 2017 was a good year for the company and the group reported a 4% revenue growth in the fiscal year. The numbers speak for themselves and with revenues of $541.8m they also improve the features of the entire 2016 when income stood at $520.8m.

The main revenue boost is in the sports division, which grew by a massive 45% to a total figure of $75.5 million, compared to $51.9 million in 2016. Even though the casino revenue only grew by 4%, in terms of sheer amount, the increase to $293.9m from a 2016 high of $282 is impressive by any standards.

888 Holdings Bounces Back from Exceptional Charges

2017 didn’t start on a positive note for the company, as it had to pay more than $50 million in exceptional charges. 90% of this amount was the consequence of VAT and the rest was paid to the UK GC who fined the group for some problems regarding their business practices. If it wasn’t for these charges, the group would have recorded even bigger revenue gains across the regulated markets in which it operates.

The 12% boost in adjusted EBITDA was regarded as a major step forward by 888 CEO Itai Frieberger who expressed his optimism for what 2018 will bring. 888 Holdings had to withdraw from some markets in 2017, but more than compensated by launching a new poker website in Italy. The group’s revenue was also boosted by its Spanish division which made a significant contribution of more than 12%. Sports betting is at the time of writing the fastest growing domain for The Group with a 6% average daily revenue growth compared to 2016.

About The Author

As a member of the VegasMaster writing staff, I pride myself on delivering quality information about my favorite topic: the online gaming industry. In addition to playing a wide-variety of online casino games, I keep up on the latest iGaming news and trends. My passion for the industry has made me both an experienced player and researcher.

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