888 has just released its 2021 revenue data revealing that the gambling company enjoyed ‘another record year’ as expansion in regulated markets drove revenue growth of 14% year-on-year.
This was in part thanks to strong performances in the UK, Italy, Romania and Portugal. However, the company noted that the growth in these markets was partially offset by a decline in Germany.
According to its post-close trading update, 888 reported that B2C revenue increased by 15% to £686 million ($934/€823.6 million). This was led by casino revenue which rose by 24% while sports betting revenues increased by 4%. While revenues did grow, the 2021 exit from the Dutch market saw the company fall a little short of forecasts for the year. 888 Poker is currently one of the top poker sites in Europe.
The report also revealed that fourth quarter revenue dropped by 16% to £157.2 million ($214/€188.7 million) when compared to the same period in 2020. This was in line with the company’s forecasts.
Speaking of the company’s results for 2021, Itai Pazner, Chief Executive Officer at 888 Holdings, said:
“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.”
2021 saw 888 make a strategic sale of its B2C and B2B bingo business in a deal expected to be worth up to £36.7 million ($50/€44 million). During this period the company also agreed a deal to acquire William Hill International from Caesars Entertainment. However, this deal is not expected to go through until the second quarter of 2022.
The deal will see 888 enter the retail betting industry for the first time as it takes control of 1,400 William Hill betting outlets.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.