Orbit Helps To Deliver Strong Results For 888 Holdings

888 Holdings pointed out that the launch of its New Jersey Orbit platform remains main focus as the operator continues to grow across sustainable, regulated markets.

The gambling group has emphasised that it wants to stay ‘focused on investing to deliver the medium-to-long-term growth opportunities for 888 in the US market’ by capitalising on fresh brand-building possibilities and seeking additional market access possibilities.

CEO of 888 Itai Pazner said: “The board continues to believe that 888 is very well positioned for the future as a result of the group’s diversification across products and markets, product leadership, and first-class team.

“Trading during the second half of the financial year to date has been in line with the board’s expectations with average daily revenue 6 per cent higher year on year representing a 9 per cent increase at constant currency.

“The group has also completed two acquisitions including the exciting and strategic acquisition of a first-class sports betting platform and team, thereby giving 888 complete ownership for the first time of its technology and product development across the four key online gaming product verticals.

“First time depositors in the Group’s B2C business have shown very healthy growth of 20% driven in particular by Casino. This very encouraging trend reflects highly effective marketing investment as well as the benefits of Orbit, 888’s latest Casino platform, which has delivered strong results in each market where it has been launched.

“888 has a number of exciting growth opportunities ahead which will leverage the group’s new product developments and marketing innovation. As a result, the board remains confident that the outcome for the full year will be in line with its expectations.”

Profit before tax during the first half of the year ending June 30, 2019 has dropped nearly two-thirds to $22.2 m, representing a decline of 63 percent from $60.1 m year-on-year, but the company is fast to express its future positive perspective.

The achievement of 888’s Orbit platform in the Garden State has been mainly ascribed to ‘increased marketing activity in the state’.

Adjusted EBITDA fell by 14% to $44.9 m (2018: $52.4 m) for the first half of the year, with group revenue rising by 2% to $277.3 m (2018: $273.2 m).

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