Euro 2016 Helps 888 Holdings Score Record Revenue

Euro 2016 Helps 888 Holdings Score Record Revenue

Online gaming firm 888 Holdings has said Euro 2016 and further expansion into the continent helped it post record revenue for the first half of the year.

The company, which recently pulled out of a joint bid with Rank Group for rival William Hill, said revenue rose 19% to 262 million US dollars (£200 million) in the period, with pre-tax profits climbing 39% to 27.8 million US dollars (£21.2 million).

It said it would continue "appraising strategic M&A opportunities" as it looks for further opportunities to expand. The group hailed a successful Euro 2016, adding that it benefited from launches in Spain, Denmark and Italy.

Chief executive Itai Frieberger said: "This strong outcome was driven by outstanding momentum at 888Casino and 888Sport. Trading in the third quarter has started well."

However, the Gibraltar-based firm added that it is "exposed to political and regulatory risk as regards Brexit".

"At this point the position of Gibraltar, driving the ability of the group to continue to rely on the EU principles that are a major part of the group's regulatory strategy regarding substantial EU markets, remains unclear.

"The group continues to monitor this political risk and is engaged with the government of Gibraltar and Gibraltar online gaming industry bodies in managing the group's response to this process."


What's Hot