Finance

888 forecasts 2020 revenue and earnings to exceed expectations

1 minute read
Online betting operator 888 Holdings said it expects revenue and earnings before interest, tax, depreciations and amortisation (EBITDA) for 2020 to come in “moderately ahead of expectations” following record revenue in December 2020.

The operator did not mention, however, what it expected revenue or earnings for the year to be, nor did it publish its prior expectations for the year. 

However, in the first half of 2020, its EBITDA came to $70.1m and revenue $371.9m. It then predicted a 45% rise in full-year revenue for 2020 last month.

The operator said it both brought in its highest ever revenue for a month and saw the most ever active customers in December, continuing a “strong performance” from the prior two months of Q4.

It added that this trend stems from a strong record of new customer acquisition that began in late 2019. In addition, it said new products and an increased shift to online due to the impact of the novel coronavirus (Covid-19) led to the impressive numbers.

However, 888 also said it was “mindful of possible headwinds over the coming months,” such as economic uncertainty because of the virus and “regulatory uncertainties” in some countries. Despite this, the board said it was confident that the operator was “well positioned to deliver further progress”.

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