888 Holdings has emphasised that the debut of its Orbit platform in New Jersey remains to be a key focus as the operator continues to expand across sustainable, regulated markets.
The gambling group has emphasised that it wishes to remain ‘focused on investing to deliver the medium-to-long-term growth opportunities for 888 in the US market’ by capitalising on new opportunities to build its brand and seek out further market access opportunities.
Itai Pazner, CEO of 888, commented: “The board continues to believe that 888 is very well positioned for the future as a result of the group’s diversification across products and markets, product leadership, and first-class team.
“Trading during the second half of the financial year to date has been in line with the board’s expectations with average daily revenue 6 per cent higher year on year representing a 9 per cent increase at constant currency.
“The group has also completed two acquisitions including the exciting and strategic acquisition of a first-class sports betting platform and team, thereby giving 888 complete ownership for the first time of its technology and product development across the four key online gaming product verticals.
“First time depositors in the Group’s B2C business have shown very healthy growth of 20% driven in particular by Casino. This very encouraging trend reflects highly effective marketing investment as well as the benefits of Orbit, 888’s latest Casino platform, which has delivered strong results in each market where it has been launched.
“888 has a number of exciting growth opportunities ahead which will leverage the group’s new product developments and marketing innovation. As a result, the board remains confident that the outcome for the full year will be in line with its expectations.”
Profit before tax during the first half of the year ending June 30, 2019, has dropped almost two thirds to $22.2m, representing a 63 per cent decline year-on-year from $60.1m, but the firm is quick to state positivity in its future outlook.
The success of 888’s Orbit platform in the Garden State has largely been attributed to ‘increased marketing activity in the state’.
Adjusted EBITDA for the first half of the year fell 14 per cent to $44.9m (2018: $52.4m), with group revenue increasing two per cent to $277.3m (2018: $273.2m).
