SBC News Voice of the Sports Betting Industry
The governance of London-listed online gambling group 888 Holdings, has issued a ‘pre-close 2018’ trading statement detailing that it is confident of achieving its full-year corporate targets and expectations.
“The second half of the financial year has seen 888 deliver further progress against the Group’s strategic objectives. Consequently, the Board remains confident that adjusted EBITDA for the full year will be in-line with its expectations” details 888 governance in its corporate update.
2018 has been marked as a year of alignment for 888 operations, as the company modifies its structures to adhere to a stricter European regulatory environment on anti-money laundering processes and customer due diligence/protections.
Last March, closing full-year 2017 accounts, 888 governance revealed that the company was forced to absorb $45 million in exceptional costs relating VAT penalties for it German market operations (prior to 2015), alongside a UKGC penalty charge of a $5.5 million for social responsibility failures.
In its pre-close statement, the LSE enterprise details that momentum was maintained for its sports betting and casino products across European markets.
Furthermore, 2018 performance has been aided by investment and enhancements of its proprietary technologies, with governance noting the launch of ‘Orbit’, 888’s new online casino platform.
Closing 2018, 888 moved to acquire the remaining 53% equity in the All American Poker Network, a joint venture established in 2013, for $28 million, helping expand its US profile, in which the group launched its 888sport venture in New Jersey this during Q3 trading.
Updating investors Itai Frieberger, Group CEO of 888 Holdings, said: “888 has maintained its strong momentum in casino and sport, particularly in continental European markets. In the UK, we are pleased to update that the initial positive trends in revenue reported at the time of the group’s half year results have continued.
“888 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region. The recently announced acquisition of the remaining stake in AAPN places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders”.
