Online gaming entertainment and solutions provider 888 has reported a post-close trading update for its full-year results, stating that its board “remains confident” of achieving an adjusted EBITDA outcome for the period in line with its expectations.
888's performance has been underpinned by the success of the group's Orbit casino platform across a number of regulated markets as well as revenue growth in sport.
Poker has remained a “challenging market” for 888, albeit the group has been pleased by progress made in the first-phase roll out of its new poker platform, Poker 8, which took place during the second half of the year.
In the UK, 888 has continued to increase revenue and in Italy, the group has delivered further growth driven mainly by the continued success of casino.
Revenue from Spain has been impacted by the launch of competitors' shared poker liquidity networks between Spain, Portugal and France. However, 888 said it has been encouraged by the early performance of its shared liquidity network between Portugal and Spain which launched in July, as well as by continued progress in the Swedish and Romanian regulated markets throughout the Period.
In line with 888's strategic focus, the proportion of revenue generated from regulated markets has increased year-on-year.
Itai Pazner, CEO of 888, said: "The group has delivered solid progress in the second half of the financial year underpinned by continued momentum in casino and sport. We are very encouraged by the growth in new customers during 2019 with a record of more than one million new customers signing up to 888's brands during the year. In addition, we were very pleased to end the year with a record revenue month in December.”
