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888 Forecasts Earnings Significantly Ahead of Previous Expectations

Niji Narayan

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888 Forecasts Earnings Significantly Ahead of Previous Expectations
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888 Holdings has announced that adjusted earnings before interest, tax, depreciation and amortisation (AEBITDA) for 2020 will be ahead of previous expectations following a strong year-to-date trading performance.

Shares in the company were up 11% at 168.00 pence each in London, one of the best performers in the FTSE 250 index.

The company said that the average daily revenue in the year-to-date is 34% higher than the prior year, which is due to an increased level of customer acquisition during H2 2019 and the structural shift towards online gaming accelerated by the Covid-19 pandemic during recent months.

“We are pleased with 888’s trading during the year-to-date which has resulted in the board now anticipating that adjusted Ebitda for 2020 will be significantly ahead of its prior expectations. This performance builds on 888’s strong customer acquisition during 2019 and our continued focus during recent years on entertaining a greater number of recreational customers,” Itai Pazner, Chief Executive of 888 Holdings, said.

“888 is well positioned to continue to benefit from a potential long-term shift towards online services that we have seen accelerate across several consumer industries during the COVID-19 pandemic,” Itai Pazner added.

Gibraltar-based 888 said despite the encouraging trading momentum it remains “mindful” of possible headwinds in the second half of the year, including the potential for a period of prolonged global economic uncertainty that could hurt discretionary spending by consumers.

Industry News

Codere SA Launches New Italian Gaming Machines Distribution Unit “Codwin”

Niji Narayan

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Codere SA Launches New Italian Gaming Machines Distribution Unit “Codwin”
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Spanish gaming company Codere SA has created a new Italian gaming machines distribution unit “Codwin” by merging its subsidiaries FG Slot and Gap Games Italia.

Codere is the majority shareholder in the two existing businesses and won approval from investors to merge the units at a shareholder meeting in April.

Andrea Rigodanzo, former MD of FG Slot, will head up the new company, which Codere hopes will offer savings on operational costs.

Rigodanzo said: “It is an extremely difficult time for the legal gaming sector, in particular for operators of gaming machines. As a result, we have decided to join forces to face the challenges the market is presenting to us. The Covid-19 pandemic arrived in an already difficult context of increased taxation and regulations that put a strain on the sector…

“With Codwin we intend to offer a model of management integration and efficiency that will also represent an incubator for other companies that want to continue operating according to the usual standards of reliability and legality and who have a long-term project to share with us. We are able to support companies that are currently experiencing difficulties and to implement a shared strategy that allows them to face the future with optimism and competence.”

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Industry News

Net Gaming in Preparations to Enter Dutch Market

Niji Narayan

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Net Gaming in Preparations to Enter Dutch Market
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Gaming solutions provider Net Gaming has begun preparations for the regulation of online gambling in the Netherlands, with a view to entering the market as early as possible.

The Dutch parliament had a final saying regarding the secondary legislation related to the Remote Gambling Act. The implementation of the Act will end the long overdue wait for a modern gaming legislation in the Netherlands. The new law is expected to enter into force in Q1 of 2021, which is also when license applications will be accepted for operators.

Net Gaming has chosen to take swift measures to be in the best position to capitalise on the Dutch market at the earliest possible time. The measures include adjustments to the product offering to be compliant on the Dutch market until the new law is entered into force.

The implementation of the Remote Gambling Act in the Netherlands is a step forward for the Dutch market and consumers, as well as a positive development towards locally regulated revenues for Net Gaming.

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Compliance Updates

Pariplay Receives ISO/IEC 27001 Certification for Information Security Management

Niji Narayan

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Pariplay Receives ISO/IEC 27001 Certification for Information Security Management
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Online casino games provider Pariplay Ltd has received ISO/IEC 27001 certification for its Information Security Management System (ISMS). ISO/IEC 27001 is an information security standard published by the International Organisation for Standardisation (ISO) and the International Electrotechnical Commission (IEC).

This latest company milestone will enable Pariplay to continue their global expansion into regulated markets and to provide their extensive portfolio of engaging games to more operators. One such region where Pariplay will be making its debut is in Switzerland, a highly lucrative and prestigious market that uses the ISO certification as their regulation benchmark.

Establishing partnerships with a new base of operators in Switzerland will allow Pariplay to provide access to a repertoire of over 100 inhouse developed casino games, including its latest Spin N’Hit and Stallion Fortunes, as well as extremely popular titles like Wolf Riches and Dragons of the North.

“This accreditation acknowledges our unwavering commitment to compliance and security across our global operations, while also allowing us to continue to expand our reach into newly regulated markets, including Switzerland. We’re very excited at the possibilities this presents as more players get to experience our thrilling games and cutting-edge services, furthering our 2020 strategy of branching out into newly regulated markets on a truly global scale,” Adrian Bailey, MD of Pariplay, said.

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