U.K.-based 888 Holdings Plc hopes to expand into the United States iGaming market, and is considering a potential public offering.
“There might be opportunities like that, to float, to re-float, to split out; there are many different structures,” CEO Itai Pazner said in an interview with Bloomberg News following a strong financial statement. “I assume down the line, we will consider different options as the U.S. becomes more meaningful.”
The company also seeks media and brand deals that could enhance its presence in the U.S. The company would be amenable to joining with European operators as well as any takeover approaches it might receive, Pazner said. “We’re in contact with bankers and advisers,” he said. By the end of 2021, 888 hopes to have a presence in seven states.
The company has seen its business explode with the surge in online betting resulting from Covid-19 lockdowns.
Pazner said 2020 was “a landmark year for 888, with our team navigating the many challenges presented by a global pandemic to deliver record financial results, and significant progress against our strategic priorities.
“We welcomed a record number of new members to our brands, nearly one and a half million, with our differentiated products and our big data supporting highly effective marketing.”
The company’s group revenue swelled 52 percent to £607.6 million (US$849.7 million) in the 12 months ending December 31. Adjusted profits before tax soared 218 percent year-on-year to $116 million. 888 experienced 63 percent growth in U.K. revenues after pouring more than 700 new games into its casino business, according to City A.M.
The company said 2020 was transformational, as it unveiled an in-house sports betting platform. Last year also witnessed the rise of Poker8, the company’s first mobile poker platform, which led to 48 percent growth in poker revenue.
