Online gaming group 888 saw its profits drop to US$45.3m in 2019, the company has reported, from $108.7m during the previous 12-month period.
Citing “significantly increased gaming duties and challenging conditions”, CEO Itai Pazner was encouraged by over a million new customers within the group’s international brands, while also stating the board’s confidence for “growth opportunities” during 2020 and beyond.
Group revenue increased by six per cent to $560.3m in 2019 (2018: $529.91m), with B2C operations in casino, sport and bingo up by 13 per cent, 12 per cent and 19 per cent respectively, while poker revenue fell by 13 per cent reflecting what 888 described as a challenging competitive market.
Adjusted EBITDA of $85.6m (2018: $107.1m) was impacted mainly by $25.6m of additional gaming duties, in part reflecting the Group's growth in regulated markets and foreign exchange headwinds. Adjusted basic earnings per share stood at 13.5¢ (2018: 20.2¢) with basic earnings per share of 11.3¢ (2018: 26.3¢). Total dividends for the year stood at 6.0¢ per share (2018: 12.2¢).
888 is focusing on safer gambling, with the launch of its “Safer. Better. Together.” campaign. UK customers' usage of safer gambling tools have increased 28 per cent as 888 promotes safe play to its customers, while the group has also launched a "too much is too much" safer gambling advertising campaign across TV, social and print channels in the UK and Spain.
