888 Holdings obtain Malta license to tackle Brexit

888 Holdings has obtained a new gambling license in Malta to counter the threat of Brexit. The company has recently posted higher profits, but its revenue has decreased after its UK business was hit by tighter regulation and higher taxes.

The company has also set up a server in Ireland in order to continue to cater for European customers and mitigate against any disruption caused by Britain’s impending departure from the European Union.

Meanwhile, pre-tax profit rose to 108.7 million US dollars (£83.2 million) in 2018 compared with 18.8 million dollars (£14.4 million) the previous year.

But revenue was down to 540.6 million dollars (£414 million) from 541.8 million dollars (£414.9 million).

The company has clarified that it “implemented sweeping changes” in response to the Government’s efforts to tackle under-age and problem gamblers, such as the self-imposed advertising watershed, which was agreed with other bookmakers.

Chief executive Itai 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.”