Brexit Fears Spark Moves
With Brexit currently scheduled to take place in March 2019, Gibraltar could cease to be part of the EU. Interesting times lay ahead, particularly for the 888 group of companies that are based in Gibraltar, as well as many of its licenced subsidiaries.
In response to the potential fall out as a consequence of Brexit, 2018 saw 888 Holdings PLC commence a robust restructuring of its European-facing businesses. Part of the group’s operations have migrated to other EU member states, most notably Malta where it has recently been awarded a new gaming licence.
While the exact implications of the UK leaving the EU are still largely unknown, the company stated that although they are not able to control geopolitical changes of this nature, they could mitigate the potentially negative impact Brexit may have on operations. The political uncertainty in the region has spurned 888 Holdings PLC to obtain a licence in Malta and establish a server farm in Ireland, in an effort to ensure that it can continue to serve European markets with little disruption.
The company also announced that it has been awarded its 12th Swedish licence, enabling the 888 group to offer Swedish players online sport, casino and poker titles in a significant newly regulated market.
888 Keeps Positive Momentum Going
In a recent statement, Chief Executive Itai Pazner stated that the positive momentum accumulated at the end of 2018 has continued into the first quarter of 2019. He added that to date the average daily revenue in 2019 is up 10% compared to the last quarter of 2018. While 2018 may have been 888 Holding PLC ’s year of record revenue, the company’s continued expansion and aggressive growth strategy in 2019 is sure to produce a bumper year.
This year, Itai Pazner was promoted from his position as COO to CEO, a move that will see him drive the company’s expansion strategy into regulated markets, as well as support 888 Holdings PLC ’s continued growth.