A prominent online wagering and gaming enterprise, 888 Holdings, declared a revenue surge of 9% for the initial two quarters of 2017, fueled by substantial expansion in its casino and sports wagering sectors. This corporation, managing numerous renowned brands within the online gambling realm, witnessed particularly notable growth in its sports betting section, mirroring a wider industry pattern. Conversely, 888 Holdings did encounter a decrease in its business-to-business sector. Notwithstanding the favorable revenue outcomes, the firm announced a pre-tax deficit for the first half of the year, attributing it to extraordinary expenses, encompassing a considerable fine levied by the UK Gambling Commission. This sanction stemmed from the company’s management of patrons who might have been undergoing gambling-related difficulties, underscoring the escalating scrutiny and regulatory burdens within the online gambling sector.
Notwithstanding recent obstacles, 888’s chief executive, Itai Frieberger, maintains a hopeful outlook. He emphasized the firm’s ongoing financial and operational expansion in the initial six months of 2017, noting a 9% increase in revenue at fixed exchange rates.
This upward trajectory is primarily credited to the consistent growth of 888’s flagship casino product, the remarkable success of its burgeoning 888Sport platform, and a robust performance from its poker offerings.
This positive trend, coupled with the group’s resilient and proven business framework, instills confidence in the board that 888 is strategically situated for sustained expansion and on course to meet its objectives for the current year.