Online gambling firms 888 and Kindred are the latest operators to report double-digit year-on-year growth in their 2021 first quarter accounts.
888 reported a 67% year-on-year increase to €216.9 million from its online casino, poker, sports betting, and bingo services and products. According to 888’s report, casino was the strongest vertical growing by 80% to €161.1 million while sports betting revenue increased by 63% to €34.3 million, with stakes up 38 per cent.
The brand also reported significant growth in the UK, Italy, Romania, Spain, and Portugal with regulated markets accounting for 76% of all Q1 revenue.
Speaking of the latest financial results, 888 chief executive Itai Pazner said:
“The strong momentum in 2020 has continued into the first quarter of 2021, with a new all-time-high for [first-time deposits] and revenues, although year-on-year trends were partly inflated by the disruption to sporting events at the end of the prior year period, and increased demand for digital entertainment during this period across our main markets.”
Kindred reported a 41.2% increase in revenue year-on-year to €352.6 million with online casino, poker, and slots accounting for €192.9 million of the company’s Q1 revenue. This marked a 52.1% year-on-year increase.
The company reported that most of its casino revenue came from Western Europe generating €126.7 million in revenue. Meanwhile, revenue from the Nordic region dropped by 7% to €39.7 million which the group attributes to the Swedish deposit cap.
Sports betting revenue grew to €159.7 million with stakes up 49.3% to €1.71 billion.
Kindred chief executive Henrik Tjärnström said:
“We are confident in our strong cash position and our place in the financial markets that we can do a deal if we want to or need to. Consolidation in the sector has been ongoing for 20 years plus and it’s been accelerating for a number of years. Scale is important, of course our growth rate has been excellent but if we can add strategic acquisitions on top of our growth rate that would be even better.”
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.