888 wins big with record ‘double-digit revenue growth’
888, one of the world’s leading online betting and gaming companies, has announced “another record year”, with revenue growth of 14 per cent driven by expansion in regulated markets
In its post-close trading update, the betting giant reported growth driven by regulated and taxed markets, which contributed 74 per cent of revenue, with strong performances in the UK, Italy, Romania and Portugal, partially offset by a decline in Germany.
B2C revenue increased 15 per cent to $934 million, led by casino (up 24 per cent), with sports growth of (up four per cent) reflecting the greater impact of regulatory changes on the sport business, in particular the exit from the Netherlands
Fourth quarter revenue hit $214m, down 16 per cent from 2020 in-line with 888 expectations.
The update also highlighted the acquisition of William Hill International, which is expected to complete in the second quarter of 2022.
During the period, 888 also made a “strategic” sale of B2C and B2B bingo business for up to $50m, increasing the focus on core B2C platform and US growth strategies.
Itai Pazner, chief exec of 888, commented on the results: “2021 was a year of outstanding strategic progress for 888 as we announced the transformational acquisition of William Hill International, and reached an agreement to sell our bingo business to increase our focus on our B2C and US growth plans, as we continue to execute our plan to build a global online betting and gaming leader.”
“In addition, we successfully launched SI Sportsbook in the US shortly after signing a long-term brand partnership and began operating 888sport under a new licence in Germany, all using our in house sports platform.”
“I am pleased to report another year of record revenues alongside these important strategic milestones, delivering double-digit revenue growth despite a very tough comparative period. This performance reflects the continued success of our data-driven investments and execution against our product-leadership focus that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products.”