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Online Gambling Operator 888’s H1 Profits Sink Over 50 Percent
Online Gambling Operator 888’s H1 Profits Sink Over 50 Percent

Online Gambling Operator 888’s H1 Profits Sink Over 50 Percent

Online gambling company 888 Holdings has posted a whopping 50 percent plus decline in H1 profits to June 30. The company reported an adjusted pre-tax profit of US$27.1mln which was US$42.5mln for the same period the previous year.

Despite a huge cut in the profits, there was a moderate decline in 888’s revenues for the first six months. The company’s revenues slipped by only 2 percent year-on-year to US$277.3mln.
Following the dip in profits, the company also slashed its interim dividend by US$0.03 per share from US$0.042 for the previous year.

Itai Pazner, 888’s chief executive, said the group was “confident” and would achieve its year-end targets. He added they are counting on “a number of exciting growth opportunities ahead.”

“The Board continues to believe that 888 is very well positioned for the future as a result of the Group’s diversification across products and markets, product leadership, and first-class team”, the CEO said.

Earlier this year, in May, 888 posted a 6 percent hike in revenue for the period between January 1 to May 18, 2019.

While gambling operators in the UK are suffering from stricter regulations, 888 managed to grow its revenues amidst a sloppy global performance. 888’s revenues from the UK market grew by 23 percent on a like-for-like business in the six months to June 30.

Following the reports revealing the dip in profits, 888’s shares also took a hit.

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Cameri Ross

Cameri Ross

Cameri is an independent and self employed person, she has expertise in digital marketing and content creation for websites and blogs. Her passion is dancing and singing, especially classical singing.

She can be reached out at: cameriross@casino.buzz

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