888 issued a trading update for the period from 1 January to 18 May on Tuesday, causing shares to rise.
The online gaming company said that group revenue climbed 6% on a like for like basis, and 2% increase on a reported basis.
888 attributed this to increased marketing investment, alongside the launch of the Group’s Orbit Casino platform.This in turn aided new acquisition, which was boosted by 20% year on year.
Overall, growth was driven by a 29% increase in Sport and a 13% jump in Casino, which partly offset by flat growth in Bingo, and a 28% decline in Poker.
Itai Pazner, CEO of 888, commented:
“888 has enjoyed a solid start to the year with strong momentum in Casino and Sport across a number of the Group’s major regulated markets. Whilst Poker has remained challenging, we were pleased to see an improving revenue trend in Q1 2019 against Q4 2018. In addition, we are very encouraged by a 20% increase in first time depositors across the Group’s B2C business in the Period; this reflects 888’s outstanding marketing capabilities and is a key indicator of our growth prospects.
As a diversified operator that owns its own technology, the Board continues to believe that 888 has a unique platform to deliver continued growth in the dynamic global online gaming industry.”
888 was founded back in 1999. It is headquartered in Gibraltar and is listed on the London Stock Exchange.
Shares in the firm (LON:888) are currently trading up +4.39%, as investors react to the latest trading update.
