888 Holdings has delivered robust H1 financials after being driven by tremendous growth in its major Italian and UK markets and augmented by thriving moves in a swiftly maturing iGaming sphere in the US.
In a report published on Stockpedia, a market reputable stock market insight website, 888’s total revenue recorded a 39% increase to 528.4 million US dollars (446.6 million Euros/ 383.4 million pounds) year-on-year by the end of June 30 with the FTSE-250 group based in Gibraltar also recording a 56% growth rate in the UK and 80% in Italy.
The total revenue for 888’s Business to Customer brands across all markets was 509 million US dollars (430.2 million Euros/ 369.3 million pounds) which represents about a 40% increase. Business to Business revenue, on the other hand, also recorded a more modest increase of over 8% to 19.3 million (16.3 million Euros/ 14 million pounds).
The rollout of 888’s flagship Dragonfish platform in the significant sports book market in the Pennsylvania state, moves in Colorado and other rising stateside markets coupled with US tie-ins with 888 holds a promising future for trading in the iconic sports illustrated brand. This led to a delivery of 65 million US dollars (54.9 million Euros/ 47.2 million pounds) which represents 12% of all trading in H1 and is considered inconsiderable.
Chief Executive Enjoying 888’s Current Market Momentum
Speaking on the reports, Itai Pazner, 888 Chief Executive, stated that:
The company continued its robust momentum from 2020 into H1 2021. He added that the company’s growth was primarily driven by regulated markets where the company believes that the ongoing market share gains will continue to reflect its product-leadership strategy, excellent content, and effective data-driven marketing.
After it had paid tax of 7.2 million US dollars (6.1 million Euros/ 5.2 million pounds), 888 ended the first half of 2021 with 50.7 million dollars (42.8 million Euros/ 36.8 million pounds) in profit which represents an almost 12% percent increase from H1 2020. In his concluding remarks, Itai Pazner added that the 888 board remains confident the group is well-positioned to provide further strategic progress in 2021 and beyond using its diversification across markets, products, and advanced technology while maintaining the firm’s unrelenting focus on 0ffering safer gambling practices.
About 888 Holdings – formerly ‘GVC Holdings’ & one of the largest gambling platforms on the LSE
888 is a Gibraltar-based public company founded in 1997 by Avis Shaked, Ron Ben-Yitzhak, Shay Ben-Yitzhak, and Aaron Shaked. The firm was formerly known as Virtual Holdings Ltd., and it now trades on the London Stock Exchange. 888 also owns several famous live casino websites and brands and boasts a robust workforce of about 1,350 employees.
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