888 Holdings experienced a minor decrease in their overall earnings for 2018, generating $529.9 million in contrast to the preceding year. This can be primarily ascribed to the progressively fierce nature of the internet gaming sector and continuing regulatory adjustments.
When Pazner assumed the role of CEO from Itai Frieberger in January 2019, he didn’t mince words in his discussion with Gambling Insider – he deemed 2018’s results “underwhelming.”
Examining the figures, the reason is evident. 888’s fiscal statement revealed a steep 37% plunge in their business-to-consumer poker earnings, which settled at $49 million. Bingo earnings also experienced a decline, shrinking by 17% to $32.4 million.
Nevertheless, it wasn’t entirely bleak. The FIFA World Cup that summer offered a welcome surge, with business-to-consumer sports wagering earnings expanding by 6% to hit $80.3 million. Casino games similarly displayed favorable expansion, with earnings ascending 8% to $317.6 million.
Regarding profitability, 888 witnessed a 6% rise in adjusted earnings before interest, taxes, depreciation, and amortization, reaching $107.1 million. Adjusted profit before tax also received an 11% boost, attaining $8.67 million.
Despite the hurdles in certain domains, CEO Pazner highlighted the silver linings: “2018 yielded a sturdy financial performance with an unprecedented EBITDA outcome.” He underscored the company’s steady growth in regulated markets, notably in continental Europe, propelled by robust casino and sports betting outcomes.
Intriguingly, even with these encouraging observations, 888’s stock value saw a marginal uptick following the declaration, moving from £1.65 to £1.67.
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