888 H1 revenues up 7% as UK continues to surge
London-listed operator’s UK LFL revenues up 23%, with recreational focus paying off in casino and sports
888 has reported a 7% rise in like-for-like H1 2019 revenues to $277.3m, driven by strong growth from the operator’s UK-facing business.
The London-listed firm today posted a 23% year-on-year rise in LFL revenues from the UK at $97.6m, with the firm hailing the success of its recreational focus as first time depositors (FTDs) in the market increased 30%.
Groupwide, sports revenues was up 28% in constant currency to $44.5m, while casino was up 14%cc $175.4m.
“888 has delivered a solid performance in the first half of 2019,” said 888 CEO Itai Pazner.
He added: “The Group’s business in the UK has continued its recovery, which was underpinned by exciting product innovation as well as 888’s successful casual customer focus, and further expanded across several regulated European markets including launching its offering in Sweden and Portugal.
888 CEO Itazi Pazner hailed the success of its recreational customer focus
“The Group has also completed two acquisitions including the exciting and strategic acquisition of a first-class sports betting platform and team, thereby giving 888 complete ownership for the first time of its technology and product development across the four key online gaming product verticals.”
Pazner said FTDs in the group’s B2C business were up 20%, driven in particular by casino and the Orbit platform.
888 said trading during the second half of the financial year to date has been in line with the expectations with average daily revenue up 9% at constant currency, with the UK up 24%.
Elsewhere, poker revenue declined 24% year on year to $23.1m, although the firm suggested it was reviving the vertical, with revenues up 26% sequentially.
Bingo revenue increased 17%cc to $19.5 million, benefitting from the acquisition of a portfolio of bingo brands in March 2019; proforma bingo revenue at constant currency declined by 3%.
Adjusted group EBITDA was broadly in line with market expectations, declining 20% year-on-year to $41.8m on increased gaming taxes and marketing investment.