888 Holdings Plc published its financial report for the first six months of the fiscal year ended on June 30th, 2016. The UK-based company, which is one of the largest online gaming and betting operators on a global scale, boasted with an “outstanding performance” thanks to generating record revenues over the first half of 2016.
Commenting on the gaming and entertainment solutions provider’s results, the company Chief Executive Officer Itai Frieberger described the 888’s performance over the period as a “very encouraging” one. According to the operator’s boss, the strong revenue was boosted by the outstanding momentum of the company’s casino and sports betting brands, which both rose to a record high generating a 30% and a 63% increase, respectively.
Mr. Frieberger said that the process of developing the 888 brand in regulated markets has been in line with the company’s strategy goals. He explained that the 29% increase posted in comparison to the previous year’s results had reflected the company’s performance in the British, Spanish and Italian markets, as well as the release of the brand on the territory of Denmark in 2016.
The CEO of 888 Holdings also commented that the company’s continued success was due to its cutting-edge technology as well as the customer relationship management, marketing and analytics policy. He praised the efforts of the entire team, saying that the operator’s business seemed to be delivering a sustainable growth in the long term.
According to the financial report published by 888 on its website, the overall revenue of the Group over the first six months of the year rose by 19% to $262 million, compared to the $220 million posted in the same period a year earlier.
The company also revealed the revenue generated of each of its divisions. It announced that a record growth was posted by all its core divisions, saying that the active players in the second quarter of the current fiscal year were responsible for the fantastic results. A 30% increase was reported in the Casino operations division, which generated revenue of $141.5 million. The same division accounted for a revenue of $108.7 million over the first six months of 2015.
The revenue generated by the operator’s Poker division fell by 7% from $46.2 million to $43.1 million, while a strong growth of 63% was reported in the Sports Division’s revenue in the first half of 2016. It rose from $15.3 last year to $25 million over this year’s period. The Bingo division, on the other hand, boosted its revenue by 2% from $22.6 to $23.1 million.
In addition, a strong 39% growth was reported in the Group’s profit before tax. The latter increased from $20 million in the first six months of 2015 to $27.8 million in the first half of 2016.