888 Holdings entered 2020 “with good momentum across several regulated European markets,” as the group emphasised their confidence in achieving their 2019 EBITDA objectives.
The post-close trading update, which did not contain specific figures, related to the year ended December 31, 2019, boosted by continued progress during the second half of the year, particularly in December where revenue reached “an all-time monthly record.”
888 Comments that its performance over the past year was underpinned by the ongoing success of the Orbit casino network across a range of regulated markets, as well as further good growth in sport revenues.
Despite acknowledging the ongoing challenge across the poker industry, the company has emphasised that it is pleased with the progress achieved during H2 2019 in the first-phase roll-out of the new Poker 8 platform.
In addition, a number of new items will follow during 2020 as well as the roll-out of the final-phase platform across the poker markets of the company.
Switching focus to specific jurisdictions, 888 reported a steady increase in revenue in the UK, with Italy also reported a good performance in the second half of the year, driven by casino growth.
Nonetheless, revenue from Spain was affected by the introduction of the poker liquidity networks operated by competitors between Spain, Portugal and France, with the community being motivated by the early success of its own mutual liquidity network between the two former nations launched in July.
Continued progress has also been reported throughout the period in the regulated Swedish and Romanian markets.
Itai Pazner, 888 chief executive, explained: “The group has delivered solid progress in the second half of the financial year underpinned by continued momentum in casino and sport.
“We are very encouraged by the growth in new customers during 2019 with a record of more than one million new customers signing up to 888’s brands during the year. In addition, we were very pleased to end the year with a record revenue month in December.”
Moving on to address progress following the £15m Betbright acquisition: “2019 saw a number of key strategic developments for the group including the acquisition in March of a sports betting platform and an outstanding sports team based in Dublin. The Post-Merger Integration plan is progressing in line with expectations and 888 remains on track to launch its first proprietary sport product during the first half of 2020.
“888 has entered 2020 with good momentum across several regulated European markets and, underpinned by further investment in our team, marketing and product development, we remain focused on achieving further progress in the US. With 888’s core strengths as a responsible operator with outstanding technology and diversification across a number of regulated markets, the board remains confident of further progress in the year ahead.”