Further expansion across major markets: 888 Holdings’ revenue grows by 10% at constant currency.
888 has announced a post-close trading update for the three months ended 30 June 2021. Its trading update provides comparative figures in US$ on a yearly basis and in constant currency against Q2 2020.
Driven by what the operator described as the continued success of its product-leadership strategy, long-term positive customer acquisition trends, and continued expansion in regulated markets, 888 has reported year-on-year revenue growth of 29%, at $257m.
Growth in related markets contributed to 74% of its revenue, with strong performances in the UK, Italy, Spain, Romania and Portugal offset by the impact of the new regulation in Germany.
B2C revenue had a similar increase of 21% (11% at constant currency) to $247m, as casino grew by 13% and sport by 94%. Sport growth was boosted by the reduced number of sporting events due to the pandemic in the year-on-year period.
In comparison to UK retail and leisure venues that were reopened since 17 May, average daily revenues were approximately 20% lower than the year-to-date period before that; B2B revenue took a smaller 6% decrease, standing at $10m, with poker and bingo revenues lower than the prior year.
The second quarter of the year exceeded the board’s expectations. 888’s position as one of the most licensed global online betting and gaming companies was reinforced with the German regulator awarding a sports betting licence. Showing a continued strength and impulse alongside popular exchange rate movements, the Board stands mindful of the success the second half of year could bring with the impact of the ease of the Covid-19 (coronavirus) restrictions this summer.
Itai Pazner, CEO of 888, said: “I am pleased to report that the strong momentum from the first quarter of 2021 continued into the second quarter, albeit with the year-on-year growth rate moderating in light of stronger comparables from the prior year.
“Growth was driven primarily by regulated markets, where we believe ongoing market share gains continue to reflect our product-leadership strategy, highly effective data-driven marketing, and our excellent content. In addition to strong trading across our core European markets, we made significant strategic progress during the period in the attractive US market, where we announced a long-term strategic partnership with Sports Illustrated.
“We look forward to launching SI Sportsbook as a key pillar of our strategy to drive increased growth in the US. The Board remains confident that, with 888’s advanced technology, products and diversification across markets, the Group remains well-positioned to deliver further strategic progress during 2021 and beyond.”
888 aims to release its interim results for the six months ended 30 June 2021 on 1 September 2021.