Interactive

Gibraltar– 888 reports ‘fantastic year’

888 saw its profit double in 2016 with improved sports betting and casino revenues seeing annual pre-tax profit increase by 82 per cent to £47.8m compared to the year earlier.

The online operator said it saw improvements in its UK, Spanish and Italian markets.

The group saw casino revenues increase by 21 per cent to $279.3m whilst sports betting increased by 49 per cent to $51.9m.

888 Chief Executive Itai Frieberger said: “2016 was another fantastic year for 888 during which we continued to deliver very strong organic revenue and profit growth. This was again underpinned by further outstanding progress in Casino, Sport and across regulated markets. 888’s further expansion in the UK, Spain and Italy is a strong demonstration of the Group’s ability to drive excellent growth and build leading market positions across regulated markets as the industry continues to head in this direction.

“Despite currency headwinds, revenue reached an all-time high of US$520.8m and, at constant currency, increased 18 per cent year on year to US$546.4m These strong results demonstrate the truly outstanding underlying momentum in the business,” he added. “Current trading since the start of the year remains healthy with average daily revenue more than 11 per cent above the previous year at constant currency. 888 is a fast-growing operator with the majority of its revenue now generated from regulated markets. The Group is truly diversified with successful operations under 10 licences, four established B2C product verticals and an outstanding B2B offer. The board continues to see a number of significant growth opportunities for 888 both in new and existing markets and we look forward to another exciting year of progress.”