888 Holdings is one of the biggest and most respected names in the online gaming industry. 888casino is by far and away one of the most popular gaming platforms around today, offering players the opportunity to enjoy some of the finest casino games around, immaculate service, and advantageous promotions and bonuses. So, it will come as no surprise that 888 Holdings has reported record EBITDA for the year of 2018 which ran until December 31.
Adjusted EBITDA for the year 2018 was recorded at $107.1m, which was an increase of 6% from the $100.7m which was posted for 2017. 888 Holdings also recorded an increase of 11% when year-on-year records were compared for adjusted profits too. The adjusted profit before tax was recorded at $86.7m. While 888 also posted a significant increase in profit before tax too at $108.7m. The company suggested the reason for the increase to profits before tax was down to exceptional income. And once taxes of $13.9m were paid by the company their total net profit for 2018 was an impressive $94.8m.
2018 was understandably a pleasing year for 888 and its top people; with progress made by the company over the last 12 months or so evident. Itai Pazner, who was appointed as company CEO in January, said this on the matter, “Despite headwinds in some areas of the business, the financial performance in 2018 was resilient and we achieved a record EBITDA outcome for the year.” He went on to add, “The group achieved continued growth across several regulated markets, primarily in continental Europe, underpinned by good momentum in casino and sport.”
Looking ahead to 2019, 888 has already acquired JPJ Group’s Mandalay operating business. This company includes Costa Bingo, as well as sports betting operator BetBright. Speaking about what lies ahead Pazner said, “The positive momentum at the end of 2018 has continued into the first quarter of 2019 with average daily revenue in 2019 to date up 10% compared to Q4 2018 reflecting improvements across major KPIs.”
Pazner also spoke about the prospects of further growth in 2019 by saying, “Underpinned by the strength of 888’s technology and the significant strategic progress made by the group over recent months, the board continues to see a number of significant growth opportunities for 888 in both new and existing markets.” Therefore, it’s evident that 888 are expecting to build on their strong start to 2019; especially considering the acquisitions they have already made.
However, analysts have suggested that 888 could in fact be losing ground in major markets; with Italy, the Middle East and Africa the only areas which currently represent growth. So, it could turn out to be a huge year for 888 as they look to get back on track. Thus establishing themselves as a prominent figure once again in the key markets around the globe. Their next set of figures could therefore make for interesting reading.