888 Holdings - Are things looking up for the online gaming company?

Wednesday, 19th December 2018 09:36 - by Rajan Dhall

This morning one of the worlds largest online gaming names has delivered its trading statement, here are some of the highlights:

• Co. estimates adjusted EBITDA for the full year will be in-line with its expectations
• Initial positive trends in revenue highlighted in the Group's Half Yearly Report on September 27th have continued over the second half of the financial year so far
• 88 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region

Itai Frieberger, Chief Executive Officer of 888, commented staying"During the Period 888 has delivered continued progress against its strategic objectives. The Group has continued to focus on driving growth in regulated markets, enhancing compliance, and delivering exciting product innovation.''

He went on to say "888 has maintained its strong momentum in Casino and Sport, particularly in continental European markets. In the UK, we are pleased to update that the initial positive trends in revenue reported at the time of the Group's half year results have continued.''

Looking at the weekly chart now and it seems we are in a firm downtrend. There is nothing in this statement that will make me think this will continue. Expanding in the US has clearly come at a cost and regulation has dampened sentiment in the sector. Hopefully, we can now see some of the benefits of the expansion leading into Q1 next year. If we can pick up some momentum we may test 200p again, but 188p could stand in the way of any progress. 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.