888 remains confident for full-year results, shares rise

Shares in the online gambling firm, 888, rose on Wednesday after the group revealed that full-year earnings are on track.

The group said that it had seen progress over the year, and is confident over plans to expand in the US.

“The Group has continued to focus on driving growth in regulated markets, enhancing compliance, and delivering exciting product innovation,” said the 888 chief executive, Itai Frieberger.

“888 has maintained its strong momentum in Casino and Sport, particularly in continental European markets. In the UK, we are pleased to update that the initial positive trends in revenue reported at the time of the Group’s half-year results have continued.”

“888 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region.”

“The recently announced acquisition of the remaining stake in AAPN places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders,” he added in a statement.

Last week, the gambling firm bought a remaining 53% stake in All American Poker Network (AAPN) in a $28 million deal (£22.3 million).

Earlier in December, the UK’s biggest gambling firms agreed to stop advertising during live sports broadcasts.

“There was clear public support for these restrictions and I’m glad that the Remote Gambling Association has taken its responsibilities seriously and listened,” said Labour’s Shadow Secretary of State for Digital, Culture, Media and Sport, Tom Watson.

“One of the only downsides to this brilliant World Cup has been the bombardment of gambling advertising on TV and social media that thousands of children will have been exposed to,” he added.

After the update, shares rose over 7%. Shares in the group (LON: 888) are currently trading +7.88% at 182,70 (1314GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.