888 Holdings Navigates Challenges and Opportunities in 2018
In 2018, 888 Holdings witnessed a minor revenue reduction, generating $5.299 billion in contrast to the preceding year. The firm ascribed this small obstacle to heightened rivalry and continual legislative shifts within the sector.
These outcomes were not unforeseen. Itai Frieberger, who transitioned the CEO role to Pazner in January, had previously indicated that 2018 would present certain difficulties.
The downturn was chiefly propelled by a substantial decline in income from their internet poker platform (B2C poker) and a lesser decrease in their online bingo offerings (B2C bingo).
Nevertheless, it wasn’t entirely bleak. The FIFA World Cup provided a welcome surge, resulting in a spike in sports wagering revenue. Their online casino (B2C casino) also fared well, demonstrating robust expansion.
In summary, despite the obstacles, 888 Holdings sustained profitability, even reaching a record-breaking year for EBITDA (earnings before interest, taxes, depreciation, and amortization).
CEO Pazner emphasized the company’s ongoing achievements in regulated markets, particularly within continental Europe, driven by the robust performance of their casino and sports betting platforms.
Despite these favorable points, the stock market responded with a modest increase in 888’s share value following the news.