888 Holdings attributes revenue growth to sports division

As part of its trading update for the period from 1 January to 18 May 2019, online gambling group 888 Holdings has reported “strong momentum” across its operation in global regulated markets.

Growth, according to the update, was largely driven by sport – which saw a 29 per cent jump for the period – while the group’s Casino branch also saw an increase of 13 per cent.

Itai Pazner, CEO of 888, said in a statement: “888 has enjoyed a solid start to the year with strong momentum in Casino and Sport across a number of the group’s major regulated markets.

“Whilst Poker has remained challenging, we were pleased to see an improving revenue trend in Q1 2019 against Q4 2018. In addition, we are very encouraged by a 20 per cent increase in first-time depositors across the group’s B2C business in the period; this reflects 888’s outstanding marketing capabilities and is a key indicator of our growth prospects.

“As a diversified operator that owns its own technology, the Board continues to believe that 888 has a unique platform to deliver continued growth in the dynamic global online gaming industry,”

Overall, 888 Holdings saw its group revenue rise by six per cent year on year, despite a 28 per cent drop in poker revenues. The revenue rise was on a like-for-like basis, just two per cent increase on a reported basis.

The group emphasised that, as stated in its 2018 financial results in March 2019, 888 has continued to achieve encouraging growth during the period in the UK, with revenue up 18 per cent (like-for-like basis).

The board said that it remains confident that the outcome for the full year “will be in line with its expectations”.

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