888 Poker and Casino At the Forefront of Its 37% H1 Growth
888 Holdings recorded revenue of $379.1m for the first six months of 2020. This represents a rise of 37% year-on-year.
The operator’s B2C revenue saw an increase of 38% compared to 2019, at $361.3m, while B2B revenue saw growth of 21%, at $17.8m.
Of 888’s B2C revenue, poker saw the highest growth. Poker revenue increased by 56% year-on-year to $36.1m, while casino revenue was the second highest with a 48% increase, totalling $260m.
Sports revenue decreased year-on-year by 1%, with revenue totalling $44.1m. Despite this, the operator said June revenue for sports betting increased by 59% from 2019 – demonstrating the recovery of the vertical after COVID-19 sports cancellations.
Total adjusted EBITDA for 888 increased by 56% to $70.1m, with an adjusted EBITDA margin of 19%.
Itai Pazner, CEO of 888, commented on the results:
“888 has performed very well throughout the first half of 2020 with robust year-on-year growth in revenue and Adjusted EBITDA of 37% and 56% respectively.
This outcome reflects the Group’s continued strong levels of customer acquisition, general consumer trends towards increased use of online services especially during the COVID-19 lockdown period and 888’s relentless focus on product leadership.”
He also praised the strong momentum in the US, especially in New Jersey.
“We are pleased with our continued progress in the US where revenue increased by 90 per cent year-on-year reflecting the group’s outstanding B2C growth in New Jersey as well as strong performances from our B2B partners. We remain excited by the potentially significant medium-to-long-term opportunities for 888 in the US market.”
The company is looking forward to delivering further product enhancements. This includes the introduction of their new poker product across markets during H2 2020 and the launch of our proprietary sportsbook in the UK early next year.
