888 Hopes to Meet Trading Expectations
Posted on by Sean Williamson
2017 has not been the best year for 888 as far as keeping its reputation squeaky clean goes. However, the gambling operator has assured its investors that it was on track to yearly earnings that meet market expectations.
According to the FTSE 250-listed operator, its online casino as well as its online sportsbook performed well during the latter half of the year. A trading update released by the operator recently revealed that H1 revenues grew by 9 percent, while its pre-tax loss amounted to US$17.3 million.
The operator insisted that, despite a responsible gaming-related scandal in the UK and making the decision to withdraw from markets such as Poland and Australia, it remained in a good position.
Whether it stays in that position from here on remains to be seen. The operator’s yearly results for 2017 will only be available in March 2018.
Casino, Mobile, Sport Market Growth
CEO Itai Frieberger said the operator’s earnings predictions were based particularly on the positive performance of its casino, sports betting, and mobile platforms. He also credited the operator’s continued growth in regulated European markets such as Spain and Italy.
According to Frieberger, one of this year’s main focuses was that of compliance and responsibility. The CEO acknowledged that continued striving for perfection was necessary for both.
In adding that the operator has positioned itself well in terms of gaming regulations in the UK and further afield, he was perhaps assuring investors that it would not allow a repeat of the responsible gaming scandal that led to a hefty fine earlier this year.
Frieberger insisted that the operator was dextrous, and enjoyed a team-based culture of entrepreneurship. It was this dexterity, he said, that enabled the operator to face and adapt to this year’s challenges with success.
Further underscoring the strength of the operator’s performance despite difficulties were its CRM, business analytics and marketing skills, as well as the casino games and betting markets it offers.
Fine, Scandals in 2017
888 made headlines earlier this year when it announced it was being investigated by the UK Gambling Commission. The operator was fined approximately GBP7.8 million later. It also revealed it may be slapped with a hefty German tax bill.
The commission investigation showed that the operator had allowed more than 7000 customers to access their accounts and place bets after those players had opted for the operator’s self-exclusion service. The service is part of the provisions the operator has made to allow customers gamble responsibly.
If customers realise they are spending too much time and money on the operator’s sports betting or casino services, they can use the self-exclusion option to prevent them from accessing their accounts for a period of time.