888 Holdings Reports Revenue Decline in UK
Online gambling group 888 Holdings has posted its 2018 interim results through June 30 and reported a decline in its UK revenue performance.
The group reported an 18 percent decline across its UK assets to $86 million. The company attributed part of the decline to having to align its practices with a “stricter UK regulatory environment.”
888 maintains group revenues of $273 million (H1 2017: $270 million), sustaining revenue performance across its B2C and B2B verticals.
888 Holdings officials said that in the UK it was in the process of “tightening anti-money laundering processes and increasing customer due diligence and protection,” calling it actions “not only the right thing to do but also to position the group for long-term development.”
Despite a number of UK adjustments, 888 closes its H1 2018 trading performance, recording a group EBITDA of $70 million, with period operating profits of $60 million, reversing corresponding 2017’s $17 million losses.
“888 has continued to focus on enhancing compliance and customer protection, delivering growth in regulated markets and exciting product innovation,” said Itai Frieberger, Group CEO of 888 Holdings in a shareholder’s update. “We have maintained strong momentum in Casino and Sport particularly in continental European markets. In the UK, we are pleased to report that since the period end we have started to see positive trends in revenue. This follows the proactive and prudent customer protection measures that we have implemented over the last 18 months which have adversely impacted revenue.
“The repeal of PASPA [in the US] in May was a very exciting development for 888 given our unique experience and established partnerships in the US market,” he said. “We have continued to invest in our US operations for long-term growth including extending our inter-state Poker network across all three currently regulated states, significantly enhancing our Casino product and, most recently, launching Sports betting in New Jersey.”