Online gambling operator 888 Holdings generated record revenue in 2019 but earnings and profits fell as the cost of operating in regulated markets took its terrible toll.

Figures released Wednesday by the UK-listed 888 show the company’s revenue hitting US$560.3m in 2019, a 6% rise from 2018’s result. But earnings (the real deal, not the adjusted hokum) fell by more than one-third to $84.2m and pre-tax profit plunged 58.3% to $45.3m.

The net decline was partially due to a 37% rise in duties in regulated markets, as 888’s share of revenue from ‘regulated and taxed’ markets rose four points to a record-high 74%. 888 made its regulated debuts in Portugal and Sweden last year, and recently launched its first proprietary sportsbook in the latter market.

Total B2C revenue was up 11% to $530.5m, with growth reported across all verticals except poker, which slipped 13% to $42.7m despite the launch of 888’s shared liquidity between Portugal and Spain. 888 says poker revenue improved in the second half of 2019 and the vertical remains an important customer acquisition channel.