888 Holdings, a prominent online wagering and gaming enterprise, announced a 20% revenue surge for the second quarter of 2021, hitting $257 million. This remarkable expansion was propelled by a confluence of elements, including the company’s effective product approach, robust client acquisition, and penetration into regulated sectors.
Notwithstanding the hurdles presented by novel regulations in Germany, 888 witnessed strong performance in crucial markets such as the UK, Italy, Spain, Romania, and Portugal. These regulated markets now constitute 74% of the company’s overall revenue.
The company’s B2C division, encompassing its casino and sports wagering offerings, experienced a 21% revenue increase, reaching $247 million. This growth was driven by a 13% climb in casino revenue and a noteworthy 94% surge in sports wagering revenue, capitalizing on the resumption of sporting events following pandemic-related interruptions.
Although the B2B segment saw a minor decrease, 888’s overall performance surpassed projections. The company’s market standing was further solidified by obtaining a sports wagering permit in Germany, augmenting its portfolio of licenses worldwide.
Although experiencing fluctuations in currency values, the leadership team remains hopeful about the latter six months. They’ve noted encouraging patterns as pandemic limitations relaxed during the warmer months, implying sustained expansion.
888’s chief executive, Itai Pazner, conveyed contentment with the firm’s achievements. He emphasized the robust momentum from the initial quarter extending into the second, while recognizing a minor decrease in year-over-year expansion due to challenging comparisons against a prosperous 2020.
Pazner ascribed this expansion to their regulated sectors, stressing that their consistent market share increases demonstrate the potency of their product approach, data-driven promotions, and engaging material. He particularly mentioned their robust performance within their primary European territories, while also applauding notable strategic advancements in the United States, a crucial expansion market. This progress encompasses the revelation of a long-term strategic alliance with Sports Illustrated.
Looking ahead, Pazner conveyed enthusiasm for the introduction of SI Sportsbook, positioning it as a vital component of their US growth plan. He reiterated the board’s belief in 888’s capacity to attain further strategic advancements in 2021 and beyond, citing their sophisticated technology, product offerings, and varied operations across diverse markets.
888 intends to disclose their half-year outcomes for the period concluding June 30, 2021, on September 1, 2021.
