888 bets pay off as revenue rise enables it to reinstate dividend

 
Kasmira Jefford
Follow Kasmira
888 HOLDINGS yesterday said strong demand for its casino and poker products helped to drive earnings in the first half of the year, prompting the gaming firm to reinstate its interim dividend.

The company, which operates 888 casino, poker, sport and bingo brands, said its earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose 81 per cent to $36m in the six months to the end of June.

Revenue increased by 21 per cent to $186.4m, which chief executive Brian Mattingley hailed as “the highest revenues in the history of 888”.

“The second half of the year will see increased investment in Spain, where we will attempt to build on our impressive market share, and also in the United States, where we are preparing for regulatory changes”, he said.

Earlier this year Spain awarded online gaming licences to several gaming companies including 888, which removed regulatory uncertainty.

The group reinstated the interim dividend at 2.5 cents per share, sending shares up six per cent to 87.5p.