Forward looking 888 adjusts to stricter UK regulatory environment

FTSE250 online gambling group 888 Holdings has posted its 2018 interim results (period ending 30 June) reporting a sharp decline in its UK revenue performance.

888 which is adjusting to all-around tougher European regulatory conditions, maintains group revenues of $273 million (H1 2017: $270 million), sustaining revenue performance across its B2C and B2B verticals.

However, the FTSE enterprise reports an 18% revenue decline across its UK assets to $86 million, stating that it has had to align its practices with a ‘stricter UK regulatory environment’.

Publishing its interim results, 888 governance said that in the UK it was in the process of “tightening anti-money laundering processes and increasing customer due diligence and protection,” calling it actions “not only the right thing to do but also to position the group for long-term development.”

Despite a number of UK adjustments,888 closes its H1 2018 trading performance, recording a group EBITDA of $70 million, with perood operating profits of $60 million, reversing corresponding 2017’s $17 million losses.

Updating investors, Itai Frieberger, Group CEO of 888 Holdings, commented on corporate performance: “888 has continued to focus on enhancing compliance and customer protection, delivering growth in regulated markets and exciting product innovation.

“We have maintained strong momentum in Casino and Sport particularly in continental European markets. In the UK, we are pleased to report that since the period end we have started to see positive trends in revenue. This follows the proactive and prudent customer protection measures that we have implemented over the last 18 months which have adversely impacted revenue.

“The repeal of PASPA [in the US] in May was a very exciting development for 888 given our unique experience and established partnerships in the US market. We have continued to invest in our US operations for long-term growth including extending our inter-state Poker network across all three currently regulated states, significantly enhancing our Casino product and, most recently, launching Sports betting in New Jersey,”

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