888 Holdings Revenue Performance Increase In 2015
Published on by Becky Mosley
Earlier in the week, 888 Holdings revealed their financial performance review for 2015. Overall, the online gambling operator’s revenue increased 2% year-on-year and reached $462.1 million, excluding the recent EU VAT. Including the EU VAT total revenue grew to $472.3 million and grew by 6% year-on-year.
Year On Year Increase
Without EU VAT, the company’s B3C business totalled $402.6 million, up 3% year-on-year. Meanwhile, if we include EU VAT, this increased by 6% to $412.5 million and casino operations amounted to $238.7 million, a year-on-year increase of 8%.Poker alone contributed $88.5 million to the 2015 revenue, a decrease of 6% year-on-year. Bingo proceeds were also down 6% compared with 2014 to $44 million. On the other hand, emerging offerings contributed $41.3 million to the overall total increase of 38%.
Mobile Growth
888 Holdings have stated that revenue generated from regulated online gaming markets made up 59% of the total. Meanwhile, mobile grew to represent 47% of the turnover revealed by the UK B2C division. This B2C business is now apparently worth $59.5 million, down from $63.9 million in 2014. This is apparently due to undesirable currency movements.Adjusted EBITDA was down 20% year-on-year due to regulatory modifications made within the European Union throughout 2015. $80.6 million was garnered during those twelve months. Adjusted profit is also down, as prior to tax it totaled $55.5 million, an 18% decrease.
777 Branded A Success
In 2015, 888 Holdings registered a 37% increase in active casino users. Then, in the latter half of the year the company launched the 777 brand, a launch they later called successful. Their market in Spain also began to grow due to the launch of slot titles and a sporting website, whilst their Italian market progressed with the introduction of new games, a sportsbook and a mobile site. 2015 also saw the introduction of 888 Holding’s to the Danish market and the Multistate Poker Network in the USA.888 Holding’s CEO Itai Frieberger stated that 2015 was a successful year for the company as they managed to maintain an operational momentum, continued to execute its growth strategy and expanded into numerous regulated markets.