888 Holdings plc US Market Access Deals and Trading update (2999H)
December 02 2020 - 6:00AM
UK Regulatory
TIDM888
RNS Number : 2999H
888 Holdings plc
02 December 2020
2(nd) December 2020
888 Holdings Plc
("888" or "the Group")
Long-term U.S. Market Access Deals and Trading update
888 signs long-term market access deals for Colorado, Iowa and
Indiana
888, one of the world's leading online gaming entertainment and
solutions providers, today announces it has signed three multi-year
market access agreements to launch in the U.S. states of Colorado,
Indiana and Iowa initially with the 888Sport brand during 2021.
In Colorado, 888Sport will launch under the licence of the
Colorado Grande Casino based in Cripple Creek. In Iowa, the Group
will launch under the licence of Catfish Bend Casinos II LLC. In
Indiana, the Group has signed an agreement with Harrah's Hoosier
Park, which is owned by Caesars Entertainment, to launch 888Sport
in the state. These three agreements represent the latest
milestones in 888's growth strategy in the developing U.S. online
gaming market and will increase the number of states where 888 has
a presence to six.
Trading update
888 has continued to deliver a strong operational performance
during the second half of the financial year reflecting: the
Group's high levels of customer acquisition during 2019 and 2020;
the benefit from the ongoing structural shift in consumer behaviour
towards online services; significant new product roll-outs; and the
Group's increased vigilance on safe gambling and player
protection.
As a result, the Board expects that revenue and adjusted EBITDA
for the full year will be ahead of its prior expectations. Revenue
is expected to be approximately 45% ahead of 2019. The adjusted
EBITDA margin for the Period is expected to be approximately 18.5%,
consistent with the margin achieved in the first half of the
year.
Considering the new gaming regulations that came into effect in
Germany in October and the Group's plans to increase levels of
investment in the U.S. market in the year ahead, the Board's
expectations for 2021 remain unchanged. The Group intends to
provide a Post-Close trading update in respect of its financial
year ended 31 December 2020 in January 2021.
Itai Pazner, CEO of 888, commented:
"We are delighted to sign these agreements with three great
partners - the Colorado Grande Casino, Catfish Bend Casino II LLC,
and Harrah's Hoosier Park - that will enable 888 to bring its
first-class online sportsbook to bettors in Colorado, Iowa and
Indiana. The U.S. online betting and gaming market has huge growth
potential, and we continue to build a strong platform for growth
across both our B2B and B2C operations.
In addition, we are pleased with 888's trading during the second
half of 2020. This performance continues to reflect strong FTD
trends in line with the Group's recreational customer focus as well
as the structural shift towards online services being seen across
several consumer-facing industries. We have continued to prioritise
safe gambling and recognise the impact of COVID-19 on the lives of
888's customers across global markets. 888 continues to invest in
protecting customers and has again increased the volume of
interactions with customers initiated by 888's safer gambling team
in order to help prevent gambling related harm. Underpinned by
888's core strengths as a responsible operator with outstanding
technology, the Group remains well positioned to deliver further
strategic progress."
Yaniv Sherman, SVP Head of Commercial Development at 888,
commented on the Group's U.S. market access deals:
" Expanding 888Sport.com into these three states represents
another major milestone in our ongoing growth across the regulated
U.S. online gaming market. We have deployed our proprietary
technology in the U.S., and our exciting pipeline of new products
will deliver industry-leading propositions to customers across both
our B2B and B2C operations. We continue to appraise strategic
partnerships that will provide additional brand-building and market
access opportunities for 888 across the U.S. market in the near
future."
Contacts and enquiries:
888 +350 200 49800
Itai Pazner, Chief Executive Officer
Yariv Dafna, Chief Financial
Officer
Hudson Sandler (Financial & Corporate 888@hudsonsandler.com or
PR) +44(0) 207 796 4133
Alex Brennan / Bertie Berger /
Hattie Dreyfus
Notes to Editors:
888 Holdings plc (and together with its subsidiaries, "888" or
the "Group") is one of the world's most popular online gaming
entertainment and solutions providers. 888's mission is to supply
its customers with innovative and market-leading online gaming
products, above all in a safe and secure environment.
888 has been at the forefront of the online gaming industry
since its foundation in 1997, providing to players and B2B partners
an always innovative and world-class online gaming experience. At
the heart of 888's business is its proprietary gaming technology
and associated platforms.
During 2019 888 was named Casino Operator of the Year at the
prestigious EGR industry awards and, in 2020, the company was proud
to be recognised at the 2020 Gaming Intelligence awards as winner
in the Casino Operator of the Year category.
The Group is structured into two lines of business: B2C, under
the 888 brands, and B2B, conducted through Dragonfish, which
provides partners a leading platform through which to establish an
online gaming presence and monetise their own brands.
888's consumer facing websites offer more than just online
gaming. They are entertainment destinations: places where people
can enjoy a truly interactive experience and be part of an online
community that shares common interests. 888's strong and trusted
brands are all accessible through www.888.com .
Find out more about 888 at http://corporate.888.com/ .
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