888 Holdings Experiences Significant Growth in H1 2020 Driven by Poker and Casino Surge

888 Holdings experienced a substantial upswing in the initial six months of 2020, primarily driven by a surge in its poker and casino products. Their earnings reached $379.1 million, representing a 37% climb compared to the corresponding period the previous year.

This expansion was chiefly propelled by their business-to-consumer (B2C) activities, which brought in $361.3 million, a 38% increase. Poker emerged as the top performer, with earnings soaring by 56% to hit $361 million. Casino games followed closely, registering a 48% rise to reach $260 million.

Although sports wagering earnings experienced a minor decline due to the pandemic’s effects on live matches, 888 noted a robust recovery in June with a 59% year-over-year gain, suggesting a positive resurgence for the segment.

In general, 888’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) witnessed a 56% leap to $70.1 million. Profitability also received a significant boost, with pre-tax profits more than doubling to $50.9 million.

The company’s CEO, Itai Pazner, conveyed significant contentment with their results, emphasizing the robust expansion in both earnings and profitability. He further mentioned that their third-quarter performance continued to surpass projections, with daily revenues up by 56% compared to the prior year.

This truly demonstrates our success in acquiring new clients. We’ve observed a surge in individuals, particularly post-pandemic, transitioning to digital platforms such as ours. This clearly illustrates 888’s dedication to providing top-tier offerings.”