888 Holdings experienced a substantial revenue surge in the initial six months of 2020, primarily fueled by robust gains in its poker and casino verticals. The firm announced a 37% rise compared to the previous year, attaining $379.1 million.
This expansion was predominantly propelled by a spike in their consumer-facing (B2C) activities, which ascended by 38% to reach $361.3 million. Poker emerged as the standout performer within this division, witnessing a remarkable 56% revenue leap, hitting $361 million. Casino offerings followed closely, registering a 48% climb to achieve $260 million.
Although sports wagering revenue did experience a minor decline (1% down to $44.1 million), the organization observed a strong resurgence in June, with a 59% uptick relative to June 2019. This indicates a revival in the industry following the extensive disruptions triggered by COVID-19 earlier in the year.
In aggregate, 888’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) demonstrated vigorous growth, soaring 56% to $70.1 million. Profitability also witnessed a substantial upswing, with pre-tax earnings more than doubling (130% increase) to hit $50.9 million.
The positive trajectory appears to be extending into the third quarter, as 888 reports that performance remains above projections. Chief Executive Officer Itai Pazner conveyed contentment with the company’s first-half outcomes, emphasizing the impressive revenue and EBITDA expansion.
The teams output remains exceptional. Their knack for drawing in fresh clientele is notable. Furthermore, with everyone housebound, digital platforms received a significant upswing – they were perfectly positioned for the surge. Naturally, 888’s continuous drive to elevate their offerings to the highest standard plays a key role. Such dedication invariably fuels triumph.
