888 Holdings posted higher annual adjusted core earnings on Thursday and signaled strong momentum in 2021 so far, as more people shifted to online betting during the pandemic.
Pre-tax profit for the year to December 31 fell 41.1% to $26.7m while revenue increased 52% to $849.7m. Adjusted core earnings rose to $155.6m compared with $92.1m a year earlier as online gambling surged during the Covid-19 pandemic lockdowns.
The company posted adjusted core earnings of $155.6 million for the year ended Dec. 31, compared with $92.1 million in the previous year.
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 are 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 U.S., 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.”