Thursday 14 January 2021 2:19 pm

888 to beat profit expectations as betting shop closures accelerate shift to online gambling

Online gambling platform 888 Holdings expects to beat profit and revenue expectations for last year after more customers signed up while betting shops were closed during the coronavirus pandemic.

888 said today that revenue and adjusted earnings before interest, tax, depreciation and amortisation will be “moderately ahead” of previous forecasts.

The betting site said the strong trading performance reflects the increased new customer acquisition that started at the end of 2019 and continued through 2020.

New products launched last year and the shift from retail to online service during the Covid-19 crisis drove new customer sign-ups, 888 said.

Despite the robust performance last year, 888 said it is “mindful of possible headwinds over the coming months including macroeconomic and regulatory uncertainties in certain jurisdictions”.

In a statement today the company said: “Notwithstanding, the board remains confident that, with 888’s outstanding product proposition, advanced technology and diversification across global regulated markets, the group remains well positioned to deliver further progress”.

In September the company announced that group revenue in the six months to 30 June had soared 37 per cent to  $379.1m.

Meanwhile profit before tax jumped 130 per cent year-on-year to $50.9m.