888 sees FY adjusted EBITDA in line as Europe, US move ahead

Online gambling firm 888 said it expected full year adjusted earnings before interest, tax, depreciation and amortisation would be in-line with expectations as the second half delivered further progress against the group's strategic objectives.

888 said it had continued its momentum in sport, casino and across regulated European markets, supported by ongoing focus on product enhancement with Orbit, 888's new casino platform, launched in May and rolled out across regulated markets.

In addition, Poker 8, 888's new poker platform, was due to begin its phased roll-out in the coming weeks.

In the UK the initial positive trends in revenue highlighted in 888's interim results had continued over the second half of the financial year so far, the company said.

In the US, the group launched 888sport in New Jersey in September, marking the first time it had offered sports betting in the United States, paving the way for it to launch the product in additional viable US states as future regulation allows.

In December 888 bought the remaining 53% interest in the All American Poker Network, a joint venture established in 2013, for $28m.

“The board believes this acquisition to be an important strategic milestone for 888 that will facilitate the group's future growth strategy in the US,” 888 said.