888 Holdings Rides Online Gaming Wave to Record Revenue Growth in First Half of 2020
888 Holdings experienced a considerable revenue surge in the initial six months of 2020, fueled primarily by robust results in their poker and casino sectors. This online gaming upswing generated $379.1 million for the business, a 37% leap from the corresponding period the year prior.
Poker emerged as the top earner, bringing in $361 million, a remarkable 56% rise. Casino games followed closely, garnering $260 million, a 48% climb. Although sports wagering saw a minor decline due to pandemic-induced cancellations, 888 noted a significant June recovery with a 59% boost compared to June 2019.
In summary, it proved to be a lucrative period for 888, with adjusted EBITDA hitting $70.1 million, a 56% increase, and pre-tax profit exceeding double to reach $50.9 million. The company’s chief executive, Itai Pazner, conveyed immense contentment with these figures, emphasizing the “extraordinary performance” of 888 in managing the unprecedented obstacles of 2020. He also indicated a positive start to the third quarter, with daily earnings continuing to surpass the previous year’s levels.
The teams act is steadily improving. One factor is their remarkable success in drawing in fresh clientele. Additionally, remember how everyone was confined to their homes during those shutdowns? Well, that period significantly boosted people’s reliance on digital platforms, which greatly benefited the enterprise. Furthermore, 888 consistently strives for excellence, perpetually introducing innovative offerings.
