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888 to beat profit and revenue expectations

Online gambling firm, 888, has seen a growth in profits and revenues as betting shops remained closed during the pandemic.

The group said today that they will beat profit and revenue expectations for last year thanks to the strong trading through 2019 and into 2020.

In the six months to 30 June, group revenue soared by 37% to $379.1m and pre-tax profits surged by 130% year-on-year to $50.9m.

Chief executive of the group, Itai Pazner, commented: “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.”

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Looking forward, the group said they are entering the new year with strong momentum and “remains well-positioned to deliver further progress” but aware of possible headwinds and regulatory uncertainties.

Last year, the group hired Lord Mendelsohn as its new chairman. This was the second Labour Party affiliate to join the a gambling firm in a week. Tom Watson, the former deputy Labour leader, was announced as a senior adviser to Flutter Entertainment, owner of Paddy Power.

888 shares are trading -0.88% at 301,00 (1444GMT).

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