888 Posts Revenue Growth Held Back By UK Results

888 Posts Revenue Growth Held Back By UK ResultsThe European online gaming market showed a large growth in recent months. Yet, some government-imposed measures put many UK operators under pressure. As a result, 888 Holdings posted mild revenue growth in the first 6 months of 2018. The group points at its “proactive and prudent” player protection measures.

Partly Sunny

One of the major UK operators announced a 1% year-on-year increase in total revenue. The £207.6 Million accounts for half of the fiscal year ending June 30th. And the group mainly focuses on its B2C side of things. Indeed, the revenue from these operations accounts for £187.5 Million of the total. The revenue from this sector increased by 2% from last year. The biggest part of it comes from casino revenue. Also, growth in Italy and Spain contributed to the positive results.

“888’s performance during the first half of the year pleases us. It resulted in further progress against our objectives,” said 888 CEO Itai Frieberger. Similarly, Dot.com casino posted a 9% increase in active days and a 7% rise in revenue per player. The company just recently introduced Orbit, its new casino platform.

Bingo and Poker Struggle

Also, the sports betting vertical showed solid results. Overall, it posted a 10% growth. But discounting the UK, it would reach 34%. “We have maintained strong momentum in casino and sport. Now, this stands particularly in continental European markets,” he continued. “In the UK, we see positive trends in revenue. And this follows the proactive and prudent customer protection measures implemented, adversely impacted revenue,” Frieberger explained.

The only two verticals in the group’s B2C ops showing negative growth are bingo and poker. In fact, the poker revenue decreased 28% to £23.3 Million. 888 said it’s the result of its exit from some markets. Bingo, in the meantime, had revenue down 11%. Even so, average revenue per player was up 12%. Finally, the B2B revenue from 888’s Dragonfish division was down 4% to £20.1 Million.