888 Holdings gets license from MGA
Matheus Alves
March 22, 2019
After the United Kingdom's exit from the European Union is determined, higher taxes and stricter regulation may be part of the new landscape of British online gambling. As part of a strategy to reduce the possible negative impacts of Brexit, 888 Holdings (of which they are part 888 Casino , 888 Sport and 888 Poker) recently obtained a gaming license in Malta, through the Malta Gaming Authority (MGA).
The Malta Gaming Authority is currently one of the largest licensing bodies for casino operators, being allowed to issue licenses for both online and offline gambling. To date, the MGA has issued about 450 licenses and is the basis for hundreds of gaming companies.
888 Holdings, which is based in Gibraltar, owns a number of online gambling brands and platforms and is listed on the London Stock Exchange. Preparing for future legislative changes, in addition to acquiring a license from MGA, it also strategically positioned a server in Ireland to better serve European users.
Regarding the British government's new initiatives to curb access to gambling for minors and people with compulsive gambling problems, 888 Holdings has also taken a position, saying that it is implementing drastic changes to contain advertisements and advertising in these media, as other gambling companies have also done.
In a recent report presented by the 888 group, his position remained confident. In 2018, pretax profits rose from $ 18.8 million (2017) to $ 108.7 million. Even then, the company's overall revenue decreased by about a million dollars. According to the administrative board, the reason for the decrease was strictly due to stricter regulation and increased taxes.
According to CEO Itai Pazner, the company's performance in 2018 was consistent, even though it faced difficulties in some specific areas. The executive also reported that the company is experiencing progressive growth in numerous regularized markets, mainly in continental European countries, where sports betting and casino gaming operations are experiencing good times.
In addition, Pazner pointed out that the positive results of 2018 are extending into the first months of 2019, reflecting advances in important key performance indicators (KPIs). The company's average daily revenue increased by 10% compared to the same quarter of 2018.
In his words:
In the UK, we have been encouraged by the improving trends we began to see in the latter stages of 2018 and the board is pleased to report that they continue through the first quarter of the current financial year.
