888 Holdings Reports Strong H1 2020 Results Driven by Poker and Casino Growth
888 Holdings experienced a substantial upswing in the initial six months of 2020, largely propelled by robust results in their poker and casino verticals. Their earnings for the timeframe totaled $379.1 million, a 37% leap compared to the corresponding period the previous year.
This expansion was primarily driven by a surge in their business-to-consumer (B2C) segment, which witnessed revenue ascend by 38% to $361.3 million. Poker emerged as the top performer, with earnings soaring by 56% to $361 million. Casino offerings followed closely, registering a 48% rise in revenue, hitting $260 million.
Although sports wagering revenue experienced a minor decline due to the disruptions stemming from the COVID-19 pandemic, the firm noted a significant recovery in June with a 59% year-over-year gain, suggesting a positive trajectory as athletic competitions recommence.
In aggregate, 888 Holdings’ adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) exhibited remarkable growth, climbing by 56% to reach $70.1 million. This equates to a robust adjusted EBITDA margin of 19%. Profitability also witnessed a substantial increase, with pre-tax earnings more than doubling to $50.9 million.
The organization conveyed confidence regarding its sustained performance in the third quarter, citing a 56% year-on-year rise in average daily revenue, indicating a strong path for the remaining months of the year.
The collective’s achievements persist, fueled by their talent for acquiring fresh clientele, the upswing in online service demand during pandemic restrictions, and 888’s unwavering dedication to providing top-tier offerings.
