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A Year of Strong Growth

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A Year of Strong Growth 888 HOLDINGS PLC ANNUAL REPORT & ACCOUNTS 2020 A YEAR OF STRONG GROWTH 888 IS ONE OF THE WORLD’S LEADING ONLINE BETTING AND GAMING COMPANIES. 888 Holdings plc (“888” or the “Company”) and its subsidiaries (together, the “Group”) operate leading online gaming brands across four key product verticals (Casino, Sport, Poker and Bingo) with a presence across multiple regulated markets. 888’S MISSION 888’S FOCUS 888’s mission is to develop state-of-the-art technology and 888’s primary strategic focus is on growing its products that provide fun, fair and safe digital gambling strong brands in sustainable markets where there products to players globally. are regulatory frameworks that protect customers and provide clarity for operators. To achieve this, 888 leverages its proprietary technology to provide to players we focus on continuous investment in protecting and B2B partners an innovative and world-class online gambling our customers, relentless new product development experience. By doing this effectively, 888 is able to succeed in and effective marketing. the fast-growing and dynamic online gambling industry and generate value for its shareholders. OUR MARKETPLACE Estimated total global online gambling* market size * Figures reflect gross win (stakes less 2020* 2025* prizes, without deduction of bonuses) and include sports betting, casino, poker, US$ million US$ million bingo, skill games, other games and lotteries. Sports betting 36,508 60,704 Source: H2 Gambling Capital, February 2021 Casino 20,168 30,503 Poker 3719 3,914 Bingo 2,540 2,796 Total online gambling 74,569 117,368 888 Holdings plc Annual Report & Accounts 2020 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS REVENUE INCREASE BY GEOGRAPHICAL MARKET UK Italy Spain US and Americas +63% +69% +11% +81% FINANCIAL HIGHLIGHTS STRATEGIC REPORT 02 Chairman’s Statement Revenue - Our overall revenue1 US$ million +52% 04 Our Stakeholders 06 Chief Executive Officer’s Strategic Report 10 888's B2C Proposition 2020 849.7 12 Our Products on the Spotlight 2019 560.3 14 Chief Financial Officer's Report 20 Risk Management Strategy Gross profit 30 Regulation and General US$ million +49% Regulatory Developments 34 Viability Statement 36 Corporate Social Responsibility 2020 562.8 2019 376.7 GOVERNANCE 52 Board of Directors Revenue - B2C Casino 54 Directors’ Report US$ million +63% 60 Corporate Governance Statement 70 Directors’ Remuneration Report 2020 586.8 92 Audit Committee Report 2019 359.3 FINANCIAL STATEMENTS 99 Independent Auditor’s Report Revenue - B2C Poker 111 Consolidated Income Statement US$ million +48% 111 Consolidated Statement of Comprehensive Income 2020 63.1 112 Consolidated Balance Sheet 2019 42.7 113 Consolidated Statement of Changes in Equity 114 Consolidated Statement of Cash Flows 115 Notes to the Consolidated Financial Statements Revenue - B2C Sport 146 Company Balance Sheet US$ million +36% 147 Company Statement of Changes in Equity 148 Company Statement of Cash Flows 2020 122.1 149 Notes to the Company Financial Statements 2019 90.0 151 Shareholder Information 152 Company Information Adjusted EBITDA US$ million +69% 2020 155.6 2019 92.1 Adjusted EBIT This Annual Report may contain statements which are not based on current or historical fact and which are forward-looking in nature. US$ million +104% 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 2020 122.0 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, 2019 59.9 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 01 CHAIRMAN’S STATEMENT CONTINUED MOMENTUM 888’s overarching strategic goal remains to develop as one of the world’s leading global online betting and gaming businesses. BRIAN MATTINGLEY, Non-Executive Chairman INTRODUCTION PROTECTING OUR PEOPLE The Group’s safer gambling strategy, Whilst 2020 was a year of significant AND CUSTOMERS entitled ‘Safer. Better. Together.’, strategic progress and record-breaking During 2020, the pandemic created underpins our commitment to a process growth for 888, there is no doubt the an unprecedented environment for of continuous improvement, and we year will long be remembered for the communities across the world. Against acknowledge the risks that can result human and economic cost wreaked by this backdrop, 888’s unwavering priority from our products. We continue to COVID-19. On behalf of the Board, I would throughout the year remained to ensure proactively identify new ways to deploy like to pass on our deepest sympathies the wellbeing of the Group’s employees our technology and analytical expertise to those in 888’s global community and and customers. to provide a safer gambling environment beyond who have been impacted by the for customers and we continue to I am incredibly proud of how the Group pandemic. develop new ways to help customers responded to the impact of COVID-19 make informed, safe decisions about During 2020, the Group achieved revenue on the lives of our valued employees. their gambling activity. Further details growth of 51.6% and an increase in As countries across the world went on the Group’s safe gambling strategy Adjusted EBITDA of 69.0% to $155.6 into lockdown, the Board and 888’s and activity during 2021 can be found on million, which all represent record management teams were quick to pages 41 to 43 of this Annual Report. levels, and are significantly ahead of recognise the potential pressures that the Board’s initial expectations for the the new ways of working and living STRATEGIC PROGRESS year. The Group’s strong operational could place on members of the 888 888’s overarching strategic goal remains and financial performance during the team, as 888 adapted seamlessly to to develop as one of the world’s leading year reflects several factors including remote working. We prioritised regular global online betting and gaming increasing consumer demand for online communication with employees, ran daily businesses. In order to achieve this, the services that accelerated as a result of virtual wellbeing sessions for colleagues, Group continues to invest in product COVID-19-related restrictions on people’s and our qualified HR professionals offered leadership and technology, expand movements and leisure activities; 888’s one-to-one support to members of the into new regulated markets, prioritise diversification across product verticals team who were feeling heightened levels safe gambling, and appraise attractive and geographic markets; and the of pressure or anxiety. I am delighted to acquisition and strategic partnership Group’s increased vigilance on safe report that despite the significant levels opportunities. The progress made during gambling and customer protection. of disruption experienced during the 2020 against each of the Group’s The Board remains confident that, with year, our colleagues not only adapted strategic pillars is described in more 888’s outstanding product proposition, to this unique set of challenges but also detail in the Strategic Review section advanced technology and diversification delivered further exceptional strategic of this Annual Report. across global regulated markets, the progress including the launches of several Group remains well positioned to deliver major new product developments, on further progress in the years ahead. time and to budget. On behalf of the Board, I would like to thank 888 team members around the world for their flexibility, skill and immense dedication throughout this very challenging period. 02 888 Holdings plc Annual Report & Accounts 2020 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS CONTINUED MOMENTUM On a personal note, I would like to take “ON A PERSONAL NOTE, I WOULD LIKE this opportunity in my final Annual Report statement to put on record TO TAKE THIS OPPORTUNITY IN MY FINAL what an immense privilege it has been to be Chairman of 888 and serve its ANNUAL REPORT STATEMENT TO PUT ON stakeholders during more than 15 years RECORD WHAT AN IMMENSE PRIVILEGE with the Group. I would also like to thank all my fellow Board members at 888, IT HAS BEEN TO BE CHAIRMAN OF 888 AND both past and present, for their help and SERVE ITS STAKEHOLDERS DURING MORE support over my years with the Group. Whilst 888 has exceptional products THAN 15 YEARS WITH THE GROUP.” and world-class technology, what really makes it stand out are its people who are bound by a unique culture of continuous improvement, passion and, above all, a genuine drive to do what is right for our customers and colleagues. Never DIVIDEND In July, the Board announced the has this been more evident than during The Board of Directors is recommending appointment of Limor Ganot as an 2020 when we collectively overcame and a final dividend of 10.4¢ per share in Independent Non-Executive Director. successfully navigated an unprecedented accordance with 888’s dividend policy, The Board is delighted to have Limor set of challenges caused by the COVID-19 plus an additional one-off 1.6¢ per share as part of the team and I have every pandemic. I am incredibly proud to have to acknowledge the record-breaking confidence that her involvement as a been a part of the 888 team in both an performance of the Group in 2020, leader in a diverse range of businesses, executive and non-executive capacity bringing the total for the year to 18.0¢ together with her deep understanding and wish all the Group’s stakeholders the per share (2019: 6.0¢ per share). of disruptive technologies, will be of very best for the future.
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