The popular operator 888 Holdings has managed to generate great revenues during the past fiscal year and according to people with knowledge on the matter, 888 officials are getting more and more optimistic about company’s future development.
The Chief Operating Officer of 888, Itai Frieberger, was reached for a comment and he did not miss to put emphasis on the solid revenues generated in 2014 and the opportunities for further growth the outstanding financial performance brought about.
The impressive revenues from last year enabled 888 executives think about expanding their business, signing certain agreements and acquiring other companies. For that purpose, they have already discussed the matter and targeted particular firms.
Mr. Frieberger shared that the company succeeded in increasing its cash balance by 45% and therefore, the sum should be properly utilized. Apparently, 888 managers saw an excellent opportunity in obtaining small firms in the field of technologies or why not working in collaboration with bigger companies.
In order to sign partnership agreements with other companies, 888 officials announced that certain criteria need to be met. First of all, the companies should resist the negative impact of both Point of Consumption Tax and VAT. The other important thing 888 managers are going to pay close attention to is company’s portfolio and its determination to enter foreign markets.
Last year, 888 sportsbook had an outstanding performance. The revenue jumped by 115% so Mr. Frieberger said that it is not easy to part ways with Kambi Sports Solutions, the current platform provider given the results achieved.
Mr. Frieberger also added that according to him, there is no need for any acquisitions to take place in order the excellent numbers from last year to be increased.
He made it clear that if 888 eventually considers acquiring a particular company, it will not be as well developed as Kambi. Yet, they will be looking for something a bit smaller than it and once the acquisition is completed, 888 officials will put some efforts into developing the company and consolidating its positions on the market as a subsidiary of 888.
Nevertheless, no precise information as to whether 888 is going to expand its business by signing profitable partnership agreements or acquiring smaller firms has been released so far. The chief executive of 888 Holdings, Brian Mattingley, remained tight-lipped about a possible sale but reassured that 888 will “be part of the consolidation process”.
