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Annual Report 2012

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Annual Report 2012 888 Holdings PLC Annual Report & Accounts 2017 888 HOLDINGS PLC HOLDINGS 888 ANNUAL REPORT & ACCOUNTS 2017 ACCOUNTS & REPORT ANNUAL LEADING THE FUTURE OF ONLINE GAMING Welcome 888: SAFE AND SECURE ONLINE GAMING ENTERTAINMENT OUR MISSION OUR DIFFERENCE OUR FOCUS 888’s mission is to supply its customers At the heart of 888’s business is its 888’s firm focus is on growing in markets with a safe and secure environment leading-edge proprietary gaming where there are regulatory frameworks in which to enjoy quality online gaming technology and associated platforms. that protect customers and provide entertainment. 888 continually invests 888’s operations are directed by highly clarity for operators. 888 has a presence time and resources in protecting its sophisticated business analytics which across four key product verticals, nine customers and, by successfully doing underpin the Group’s approach to regulated markets globally and with this, the 888 business will continue product development, marketing and both business to customer (“B2C”) to grow and prosper. customer relationship management. and B2B customers. These strengths enable 888 to deliver to customers and business to business (“B2B”) partners alike first-class and innovative online gaming entertainment products and solutions. OVERVIEW OF 888 888’S B2B OFFERING OVERARCHING 888 BRAND 10% B2B 90% B2C 888’s Dragonfish provides flexible, dynamic Structure services including Games & Technology, Marketing, Operations and ePayments. 60% Casino 16% Poker 8% Bingo 16% Sport CASINO POKER SPORT BINGO B2B LEADING THE FUTURE OF ONLINE GAMING PEOPLE ORIENTATED TECHNOLOGY-LED DIVERSIFIED 888 has been at the forefront of The bedrock of 888’s business is our 888 is a truly diversified operator the online gaming industry since its cutting-edge, proprietary online gaming with both B2C brands and a B2B inception. Much has changed and technology. This underpins the Group’s division, Dragonfish. This enables the developed during this time but one competitive advantages and our ability to Group to target and exploit multiple thing has remained constant: our entertain and protect customers, operate growth opportunities. The Group has customers remain at the very heart efficiently and adapt to new regulations. successful operations under ten licences of everything we do. and across four major online gaming product verticals. * This Annual Report may contain statements which are not based on current or historical fact and which are forward-looking in nature. These forward-looking statements reflect knowledge and information available at the date of preparation of this Annual Report and 888 Holdings plc (the “Company”) and its subsidiaries (together, “888”, or the “Group”) undertake no obligation to update these forward-looking statements. Such forward-looking statements are subject to known and unknown risks and uncertainties facing 888 including, without limitation, those risks described in this Annual Report and other unknown future events and circumstances which can cause results and developments to differ materially from those anticipated. Nothing in this Annual Report should be construed as a profit forecast. CORPORATE.888.COM 888 is one of the world’s most popular online gaming entertainment and solutions providers. FINANCIAL HIGHLIGHTS STRATEGIC REPORT 01 – 45 REPORT STRATEGIC Another successful year for 888 Welcome Overview of 888 Financial Highlights Our Marketplace 02 Revenue Revenue – B2C Our Investment Case 04 US$ million US$ million Chairman’s Statement 06 Chief Executive Officer’s 521 542 460 487 Strategic Report 08 CFO’s Report 24 Corporate Responsibility 32 Market Review 38 4% 6% Regulation and General 2016 2017 2016 2017 Regulatory Developments 40 DIRECTOR & GOVERNANCE Viability Statement 44 B2C - Casino Revenue – B2C Sport GOVERNANCE 46 – 80 US$ million US$ million Board of Directors 46 Directors’ Report 49 294 75 282 Directors’ Statement 52 of Responsibilities 53 ’ Corporate Governance REPORT S Statement 55 4% 45% Directors’ Interests and 2016 2017 2016 2017 their Remuneration 62 Directors’ Remuneration Report 63 STATEMENTS FINANCIAL Audit Committee Report 77 Revenue – Spain Adjusted EBITDA1 FINANCIAL STATEMENTS 81 – 130 US$ million US$ million Independent Auditors’ Report 81 Consolidated Income Statement 90 63 101 90 Consolidated Statement 47 of Comprehensive Income 90 Consolidated Balance Sheet 91 Consolidated Statement 34% 12% of Changes in Equity 92 2016 2017 2016 2017 Consolidated Statement of Cash Flows 93 Notes to the Consolidated Financial Statements 94 Company Balance Sheet 125 Dividend payment Net cash generated from Company Statement during the year operating activities of Changes in Equity 126 US$ million US$ million Company Statement 70 95 of Cash Flows 127 57 Notes to the Company 68 Financial Statements 128 Shareholder Information 130 24% 40% Company Information IBC 2016 2017 2016 2017 1 As defined in table set out on page 24. 888 HOLDINGS PLC ANNUAL REPORT & ACCOUNTS 2017 01 STRATEGIC REPORT Our Marketplace KEY TRENDS IN A GLOBAL MARKET The online gaming industry began to develop in the mid-1990s and, since then, has experienced rapid growth. Technological changes such as faster and more reliable internet connections as well as the increasing adoption and sophistication of mobile and tablet devices, making online services more convenient and readily available, have supported this growth. The online gaming market continues its journey towards global regulation. Governments are adopting new regulatory frameworks that are specific to online gaming. This can increase the costs of operation but helps to provide safety and security to customers and creates an environment in which operators with scale and technological advantages, such as 888, can prosper. 2017 GLOBAL ONLINE 2022 ESTIMATED GLOBAL GAMBLING MARKET ONLINE GAMBLING MARKET €40.5bn €56.8bn 36.3% from mobile 49% estimated from mobile 02 888 HOLDINGS PLC ANNUAL REPORT & ACCOUNTS 2017 CORPORATE.888.COM Product 2017 estimated market size by product* 2022 estimated market size by product* CAGR REPORT STRATEGIC SPORT €20.2bn €27.4bn 6.9% CASINO €10.6bn €15.3bn 8.1% POKER €2.4bn €2.6bn 2.6% BINGO €1.8bn €2.3bn 5.2% TOTAL €40.5bn €56.8bn 7.4% GAMBLING* * Also includes skill games, other gaming and lotteries. Source: H2 Gambling Capital (1 March 2018). SAFE AND SECURE ENTERTAINMENT GOVERNANCE & DIRECTOR & GOVERNANCE 888 is resolutely committed to a proactive policy of corporate and social responsibility that reflects the high professional and ethical standards we set for ourselves. Conducting business responsibly is fundamental to the future success of 888 and we understand that a responsible approach is both the correct way to do business and one that enhances credibility with all stakeholders, thereby supporting 888’s development. Protecting the vulnerable Fair play Anti-crime ’ We are constantly developing new and 888 is committed to providing its 888 takes comprehensive steps to REPORT S innovative ways to deliver a responsible players with a fair, safe and enjoyable minimise fraud and implement effective gaming environment. Our goal is to gaming experience. Our brands are well anti-money laundering policies. The ensure that all those who visit our sites established and trusted by customers Group has developed first-class fraud can do so with confidence and that those we strongly oppose foul play in any form. detection mechanisms which enhance for whom our games are not intended, We leverage our technology and analytics internal monitoring systems and allow notably underage individuals and those capabilities to ensure that our customers the business to react in real time to any STATEMENTS FINANCIAL vulnerable to addiction, will not be drawn enjoy the fairest and most enjoyable potential or evolving fraud patterns. into the gaming environment and those experience possible. We regularly request supporting few customers who develop a gambling documentation from customers to problem are quickly identified and verify their source of funds to ensure helped by our trained team. that the deposits our customers make are legitimate. See page 35 888 HOLDINGS PLC ANNUAL REPORT & ACCOUNTS 2017 03 STRATEGIC REPORT Our Investment Case MULTI PRODUCT AND MULTIMARKET ONLINE GAMING At the heart of 888’s business is its proprietary gaming technology and highly sophisticated marketing, customer relationship management and business analytics. Together, these enable 888 to deliver to customers and B2B partners alike market-leading and continually innovative online gaming entertainment products and solutions. CUSTOMERS HIG HL Y S SO IC P T H Y IS L T A I N C A A T S E S D E M N I A S PROPRIETARY R U K B GAMING E T I N TECHNOLOGY G C U T S N T E O M M E E G R NA RE MA LATIONSHIP B2B PARTNERS 04 888 HOLDINGS PLC ANNUAL REPORT & ACCOUNTS 2017 CORPORATE.888.COM STRATEGIC REPORT STRATEGIC 1. PROPRIETARY GAMING 3. HIGHLY SOPHISTICATED 5. CUSTOMERS TECHNOLOGY MARKETING GOVERNANCE & DIRECTOR & GOVERNANCE At the core of 888’s business is its Marketing plays a critical role to 888’s Customers are at the heart of 888’s leading-edge, proprietary gaming business. Drawing on the Group’s business and the Group is fully technology. This underpins the Group’s analytics-driven insights and expertise, committed to providing a safe and ability to entertain and protect 888 is relentlessly focused on developing secure environment in which to enjoy customers, operate efficiently and its marketing techniques and channels, quality online gaming entertainment. adapt to new regulations. Product both online and offline, that adhere The Group continuously invests time and innovation and leadership are central to strict return-on-investment criteria. resources in developing its products to to 888’s progress, and the Group is This marketing strategy supports brand enhance the experience with 888 and in constantly evolving and developing development and helps to increase caring for and protecting its customers. ’ its proprietary platforms and industry customer loyalty. REPORT S leading back office systems to maintain its competitive advantages. FINANCIAL STATEMENTS FINANCIAL 2. BUSINESS ANALYTICS 4.
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