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888 Holdings says full-year earnings rise 55 percent

888 Holdings says full-year earnings rise 55 percent

Online gambling company 888 Holdings PLC said Monday that said full-year earnings rose 55 percent as customers spent more money and that first-quarter net gaming revenue followed that trend, rising 19 percent.
The company, which said earlier this month that it discontinued talks with Ladbrokes about a possible buyout, reported full-year net income of US$74.5 million (euro54.6 million), with net gaming revenue up 7 percent to US$90.5 million (euro66.3 million).
For the first quarter, net sales rose to US$47 million (euro34.4 million) from US$39 million in the same period a year earlier, 888 said in a statement. The company did not release first-quarter earnings figures.
Shares in 888, which is based and licensed in Gibraltar, rose 3.8 percent to 124 pence (US$2.48; euro1.81) on the London Stock Exchange.
The company was among several London-listed gaming groups to close or sell their American businesses after the United States effectively banned Internet gaming in October, causing turmoil in a global market worth US$13 billion a year before the ban.
Still, 888 fared better than many rivals because it had already built up a substantial non-U.S. business.
The company cited the uncertain legal environment in the United States when it said it ended talks with Ladbrokes.


Updated : 2021-03-04 09:29 GMT+08:00