888 Holdings has provided an insight of financial success in the Spanish gaming market. The results of 888’s revenue and the growth they have experienced in Spain proves that the country’s financial issues are not having as much of an impact on the recreational gaming industry as expected. This news will undoubtedly come as some relief to operators breaking into the regulated market, such as PokerStars.es and Bwin.Party who recently launched Binguez.es, a Spanish bingo website.
In the three months leading to the 30th September, the gambling company’s revenue rose by 7% to $92 million. Nick Batram, an analyst at Peel Hunt, claimed that the success was due to the company’s ability to adapt to the new gambling restrictions imposed on operators in Spain. “The thing that stands out for me is that 888 have managed to go into a newly regulated market, such as Spain, and make it work almost immediately,” said Batram. “This year, 888 Spanish business will probably break even and next year should be profitable versus our original expectations of losses as they built up the brand in the market.”
Brian Mattingley, the Chief Executive of 888 Holdings believes that the success in the Spanish market is just part of the explanation as to why revenue has increased over the financial year. Mattingley states that tactical promotion and financial awareness has also aided the growth, saying: “A disciplined approach to our costs, and our analytics driven marketing spend proving highly efficient, means we now expect our earnings before interest, taxes, depreciation and amortisation (EBITDA) for the full year to be significantly ahead of current market expectations.”
Most of the growth was attributed to the poker products on the 888 network, which rose by 21% to $22 million. The amount of registered customers on the sport betting, casino and poker websites also grew by 24% since the same time last year. 888 Holding’s customer base currently stands at 12.5 million. 888 bingo games remained flat at $13 million in revenue.
Although established organisations, such as PokerStars and Sky Bingo have little to learn from the success of 888 Holdings in terms of marketing strategy in Spain, newer sites such as Bovada.lv and Binguez.es can learn how to capitalise on the market from their example.
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