888 Holdings Reports 10% YoY Revenue Growth
The proud owner of some of the world’s most popular gambling brands, 888 Holdings, is reporting a 10% year-over-year revenue spike at constant currency. The news came through the company’s post-close trading update for the three months leading up to June 30.
888 is attributing its Q2 success to the group’s product strategy and its expansion into regulated and taxed markets.
“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,” said CEO of 888 Holdings, Itai Pazner.
A total of 74% of revenue came from those regulated markets, with some of the strongest performances in countries like the UK, Spain, Italy, and Portugal.
“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,” Pazner added.
Meanwhile, the company’s B2C operations grew by 21% (11% at constant currency) when compared to the same three-month period in 2020. That equates to $247 million in revenue compared to $204 million the year before. Of that amount, 13% came from casinos, while the company’s sportsbooks generated 94%.
On the other hand, B2B business generated $10 million, which marks a slight decrease of 6% (13% at constant currency) compared to Q2 2020.
Although the latest data shows a notable increase in earnings, 888 acknowledged that the reopening of leisure venues in many countries coupled with the reduced number of sports events in the previous year played an important role in shaping the numbers. As a result, the company’s board is warning that the second half of the year may not look as impressive.
888 Holdings is a licensed operator well-known for its sportsbook offer. Recently, the German regulatory body awarded this online operator with an additional sports betting license.
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