888 Holdings PLC release their pre-close trading update
One of the biggest gambling companies in the world today announced its pre-close trading figures. It has been a busy year for 888 and these yearly financial figures reveal exactly how strong their growth has been over the past 12 months.
With a strong second half of 2018, the board announced that it is confident that adjusted EBITDA will be inline with expectations. The firm has been performing very highly in the Casino and Sports markets across Europe.
That progress has been driven by technology and product investment. The group was quick to highlight its new online casino platform, Orbit, as a marker of this approach. The group will also be rolling out a new poker platform, Poker 8, over the coming weeks.
In the UK, the second half of the year has been just like the first, with revenues and profits inline with expectations.
Reflecting on the results of the group’s pre-close trading statement, Itai Frieberger, Chief Executive Officer of 888, said:
888 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region. The recently announced acquisition of the remaining stake in AAPN places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.– Itai Frieberger, 888 CEO
888 also launched its sports betting brand in New Jersey in September, as it seeks to establish and strengthen its position in the US. That was the first time the brand has featured in the US, but it plans to open in more states, as regulation and legislation allows. Also in the US, the group acquired the remaining 53% interest in the All American Poker Network (AAPN). That too should help the brand grow in America.
The company attributed their major successes down to the diversification across all the products and regulated markets. The team is very unique in a sense they are large and contain a huge amount of product, technology and marketing experts with a wide a varied range of backgrounds.