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888 Holdings finishes 2019 on a high but poker remains a challenge

Published: 19:15 07 Jan 2020 AEDT

888 Holdings -

888 Holdings PLC (LON:888) said December was a record month for revenues and that it is on track to launch its first proprietary sports product during the first half of 2020.

The FTSE 250 gambling firm, which had seen turnover fall 2% in the first half of the calendar year, said it had made “continued progress during the second half” and that the board was confident that underlying profits (EBITDA) for the year would be “in line with its expectations”.

READ: Fun stops for 888 as first half profits tumble

Casino games across various regulated markets and “good” growth in sport has, however, been offset by continued challenges in the poker market, particularly in Spain after competitors launched a shared poker liquidity network.

A new Poker 8 platform started to be rolled out during the second half of the year, with encouraging results also from the performance of its own shared liquidity network between Portugal and Spain that launched in July, with 888 saying it was “looking forward to adding a number of exciting new product features and rolling out the final-phase platform across the group's poker markets during 2020”.

UK revenues have increased and continued progress was made in the Swedish and Romanian regulated markets.

Chief executive Itai Pazner called it “solid progress in the second half” and that “888 has entered 2020 with good momentum across several regulated European markets and, underpinned by further investment in our team, marketing and product development, we remain focused on achieving further progress in the US”.

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