There are a lot of smiling faces in 888 Holdings these days after its 2012 financial figures yielded a 13 percent increase in revenues with earnings estimated to have grown at a tidier 20 percent. For the year, 888’s revenues jumped up to $376 million, a noticeable improvement from the $331 million in revenue numbers they received in 2011. Likewise, the adjusted EBITDA showed that 888’s earned $67 million for the year, 20 percent better than the $56 million figure they took home in 2011. Profit before tax also saw a huge uptick with $40.8 million in 2012 compared to just $5.8 million in 2011. After tax, the numbers are even more impressive with 2012 netting $35.4 million compared to just $1.9 million in 2011.
“2012 was an exceptional year for 888,” a gleeful Brian Mattingley, 888 CEO, said. “The ongoing focus on our core strengths and the customer proposition, coupled with the very positive effects of our targeted marketing campaigns, has led to tremendous growth in player numbers and record results.”
It seems that, yes, 888 is flourishing after an aggressive year that saw the company build on its European business, particularly the Spanish market where 888 has experienced steady growth since being one of the first recipients of the fresh batch of gaming licenses Spanish regulators were doling out in the middle of last year. Equally important to the growth of 888’s profile is its aggressive approach in setting up a strong strategic position in the US online gaming market, a market that the company is expecting to capitalize in once online gaming approvals are meted out.
Mattingley points out to the strong performance and subsequent results the company has experienced in Spain and Italy, an achievement in itself considering the market has become more competitive in the newly regulated territories. It’s a testament and a barometer to the success 888 has enjoyed as an online gaming operator and something that, in the words of its CEO, is something that “places us in a very exciting position as the US market begins to open for business.”
Needless to say, expectations are high for 888 to have a more profitable 2013 with all eyes fixed on the impending reopening of the US market. “2013 is a year of significant opportunity and we have got the right deals in place, both B2B and B2C, to gain a substantial foothold in the US,” Mattingley adds.
With a successful 2012 in the books, 888 is looking forward to an even better year ahead. And with the way it’s been performing in recent years, it’s difficult to bet against these guys that they won’t be able to do it again.
