888 Holdings, which a London-listed company stated earlier that it is expecting its earnings before deductions and taxes for this year, to meet the expectations of the management. The operator made that statement in a trading update that it released ahead of the end of the fiscal year of the operator on the 31st of December. There was a positive reaction from the investors as the share price of the company traded up to 6.88% at 181.7p for each share.
888 Holding CEO Comments on this Year’s Success
Itai Frieberger, the Chief Executive of 888 Holding, stated that the improvement in the performance of the UK sector in the early section of the 2nd half of this year continued to the end of the period in the financial report. The eyes of 888 Holding is planning to go beyond the United Kingdom market, as the company has maintained substantial momentum in its sports and casino operations across the EU. The new online casino platform that it launched in May, Orbit, is now being released across different jurisdictions across Europe. As for its Poker 8 platform, it is going to begin its roll-out phase in the upcoming weeks.
In the first half results of 2018, the UK revenue of 888 suffered a slump of 18%. 888 Holding stated that the revenue slump was a result of the negative impact of the efforts that they made so that they can align with the stricter regulations of the United Kingdom market. On the other hand, the operated was able to put this slump to a halt by early H2.
The Chief Executive stated that 888 was able to deliver continuous progress when it comes to business strategy goals. The group also continues its focus on leading growth on the regulated markets and enhancing the compliance of the company to these markets.
The Company's Progress in the United States Market
The Chief Executive of 888 Holding praised the evident progress in the operations of the company in the United States. The company highlighted the recent rollout of its sports-betting operations in the state of New Jersey. The operator also added that the acquisition of the remaining 53% in the All American Poker Network, the AAPN, is an important milestone that is going to contribute significantly in the growth strategy of the company in the future. The Poker Network is the only interstate online poker network in the USA. It gives players from Nevada, New Jersey, and Delaware the ability to enjoy playing poker against each other.
The Chief Executive stated that the company, driven by the strength of its technology and the fantastic team, as well as the diversity of products that it has to offer, the board is excited by the long-term growth opportunity of 888 Holding.