888, one of the world’s leading online betting and gaming companies, has announced its audited financial results for the year ended December 31, 2020.
Group revenue increased 52 per cent to $849.7m (2019: $560.3m). Revenue from regulated and taxed markets represented 73 per cent of group revenue (2019: 74 per cent), with revenue from regulated markets increasing 58 per cent.
B2C revenue increased 53 per cent to $814.3m (2019: $530.5m), with strong growth in casino (63 per cent), sport (36 per cent), poker (48 per cent) and bingo (10 per cent). Adjusted EBITDA was $155.6m (2019: $92.1m), with the Adjusted EBITDA margin at 18.3 per cent (2019: 16.4 per cent).
Itai Pazner, CEO of 888, commented: “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.
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 gGroup’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.”
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