During the initial six months of 2020, 888 Holdings experienced a substantial revenue surge, primarily fueled by impressive results in their poker and casino sectors. Their total revenue reached $379.1 million, marking a 37% increase from the corresponding period in the previous year.
The primary catalyst for this expansion was their poker segment, which witnessed a remarkable 56% surge, generating $361 million in revenue. Casino games followed closely, amassing $260 million and achieving a commendable 48% growth. Although sports betting faced a slight decline due to the pandemic’s disruption of live events, 888 observed a robust recovery in June, suggesting a probable resurgence for this vertical.
This upward trajectory is evident in their profitability as well, with pre-tax profits exceeding double the previous amount, reaching $50.9 million. CEO Itai Pazner conveyed significant confidence, emphasizing that their third quarter had commenced exceptionally well, surpassing projections. As we progress into the latter half of the year, 888 appears to be in a highly favorable position.
This remarkable expansion truly demonstrates our effectiveness in acquiring new clientele. It is evident that individuals are increasingly depending on digital platforms – a trend amplified by the global health crisis – and our dedication to providing superior offerings is yielding positive results.”
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