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Amidst a global pandemic, 888 Holdings has reported a staggering 52% increase in revenue during full-year 2020 to $849.7 million (2019: $560.3 million).
Regulated and taxed markets represented 73% of group revenue (2019: 74%), with revenue from regulated markets increasing 58%.
B2C revenue increased 53% to $814.3 million (2019: $530.5 million), with strong growth in casino (63%), sport (36%), poker (48%) and bingo (10%). Adjusted EBITDA was $155.6 million (2019: $92.1 million), with the Adjusted EBITDA margin at 18.3% (2019: 16.4%).
According to Itai Pazner, Chief Executive Officer of 888, “2020 was a landmark year for 888, with our team navigating the many challenges presented by a global pandemic to deliver record financial results and significant progress against our strategic priorities.”
He went on and reflected on the 2020 strategy while looking at 2021 and beyond by saying:
“Our product leadership strategy delivered outstanding results in 2020, with the launch of our ground-breaking Control Centre, our first ever in-house sportsbook and a totally new poker platform.
“Our focus on delivering safe, intuitive, content-rich and entertaining products is helping us to deliver a differentiated customer experience and supporting our market share gains in key regulated markets. We welcomed a record number of new members to our brands, nearly one and a half million, with our differentiated products and our big data supporting highly effective marketing. We are pleased with our continued progress in the US and, with three new states set to launch in 2021, we are poised to see the scale benefits of our investments here.
“We enter 2021 with strong momentum, with a record level of customers and with a positive reaction to our suite of new products and innovations.
“As a result, as well as the Group’s strengths as a product-centric, responsible and diversified operator, the board believes that 888 has an outstanding platform to deliver continued strategic progress during 2021 and beyond.”