A prominent online wagering and gaming corporation, 888 Holdings, has announced impressive results for the second quarter, achieving a 20% year-on-year surge in earnings, reaching $257 million. This expansion was fueled by a 29% rise in income from regulated sectors, which now constitute 74% of the company’s overall revenue.
The firm witnessed particularly robust outcomes in the United Kingdom, Italy, Spain, Romania, and Portugal. This positive trend helped mitigate the effects of recently implemented regulations in Germany, a significant market within the gambling sector.
888’s business-to-consumer revenue, encompassing its casino and sports wagering operations, expanded by 21% to $247 million. The company’s sports betting division performed exceptionally well, with earnings almost doubling compared to the previous year. This growth was partially attributed to a more advantageous comparison with the corresponding period last year when sporting competitions were either called off or delayed due to the COVID-19 health crisis.
Revenue generated from 888’s business-to-business partnerships experienced a minor decrease during the quarter.
The company’s commendable performance in the second quarter propelled it to surpass its own projections. 888 also emphasized that it had secured a sports betting permit in Germany, further solidifying its presence in this crucial market.
Although there have been some fluctuations in currency values, the executive team is hopeful about a robust conclusion to the year. They foresee ongoing expansion, especially as limitations related to the pandemic are lifted and the summer period commences.
Chief Executive Itai Pazner conveyed contentment with the results of the second quarter, mentioning that while expansion decelerated marginally in comparison to the prior year (owing to a high benchmark from the corresponding period in 2020), the firm is still on an upward course.
This progress is significantly driven by markets with regulations. 888 credits its achievements to a superior product approach, impactful data-informed marketing, and premium content. Beyond a strong performance in their primary European territories, 888 has made substantial progress in the United States, a crucial expansion market, by revealing a significant collaboration with Sports Illustrated.
The introduction of the SI Sportsbook is eagerly awaited and signifies a fundamental element of 888’s US growth plan. The executive team maintains confidence that 888’s cutting-edge technology, product offerings, and varied market strategy place them advantageously for sustained triumph in 2021 and beyond.
888 will publish their mid-year outcomes for the period concluding June 30, 2021, on September 1, 2021.
