888 Holdings said they have a new gambling licence in Malta, as they are hedging their bets against a disruptive Brexit as they posted higher profits.
Revenue fell for the online gambling company after UK business was hit by tighter regulation along with higher taxes.
Pre-tax profit increased to £83.2m in 2018 compared to £14.4m for 2017, revenue fell £414m compared to £414.9m the previous year.
The core UK market saw revenue drop 16% to £130.6m, as the online gambling company enforces measures to comply with stricter regulations.
The company has established a server in Ireland to mitigate any disruption over a no0deal Brexit.
Itai Pazner, chief executive for 888 Holdings said, despite headwinds in some areas of the business the company’s performance in 2018 was “resilient.”
Pazner said, “The group achieved continued growth across several regulated markets, primarily in continental Europe, underpinned by good momentum in casino and sport.
“The positive momentum at the end of 2018 has continued into the first quarter of 2019 with average daily revenue in 2019 to date up 10% compared to the fourth quarter of 2018, reflecting improvements across major KPIs (key performance indicators).
“In the UK, we are encouraged by the improving trends we began to witness in the latter stages of 2018 and the board is pleased to report that these have continued during the first quarter of the current financial year.”
Two weeks ago, 888 Holdings acquired BetBright the Irish betting platform for £15m, the deal will strengthen technology capabilities and support future development.
BetBright’s Dublin office will be integrated into 888 Holdings. 888 will now have complete ownership of product development of casino, poker, sport and bingo.
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