In the final quarter of 2021, 888 Holdings experienced a 16% decline in revenue compared to the previous year, reaching $214 million.
The gaming company ascribed this reduction to robust earnings during the corresponding period in the prior year and shifts in the regulatory and compliance environment. They stressed that the outcomes aligned with the board’s projections. Analyzing the revenue further, their consumer-facing (B2C) revenue fell by 17% to $205 million, while business-to-business (B2B) revenue witnessed a 10% rise, hitting $9 million.
Notwithstanding this quarterly decrease, 888 Holdings applauded a 14% surge in overall revenue for the entirety of 2021, attaining $972 million. This accomplishment, they clarified, stemmed from the efficacy of their product leadership approach and their growing footprint in regulated jurisdictions.
Examining their business divisions more closely, B2C revenue for the full year 2021 expanded by 15% to $934 million, with casino and sports wagering revenue climbing by 24% and 4% accordingly. B2B revenue also displayed positive momentum with an 8% year-over-year uptick, reaching $38 million. The document emphasized particularly impressive performances in the United Kingdom, Italy, Romania, and Portugal.
Itai Pazner, Chief Executive Officer of 888, remarked on the figures: “2021 was a pivotal year for 888, from a strategic, operational, and financial standpoint.” He proceeded to underscore the purchase of William Hill International and the arrangement to divest their bingo operations, both actions intended to hone their concentration on B2C and their US expansion plan. Pazner reaffirmed their dedication to evolving into a global frontrunner in online betting and gaming.
He further lauded the successful US introduction of SI Sportsbook, a partnership with Sports Illustrated, and the debut of 888sport in Germany under the nation’s updated licensing framework, both powered by their proprietary sports platform.
We were delighted to announce that we’ve exceeded our income benchmarks once more this year, reaching significant percentage gains despite a difficult market. This accomplishment is a reflection of our analytics-based strategy and unwavering commitment to providing exceptional products. We’ve been diligently enhancing our sports wagering and gaming systems – they are now more user-friendly, captivating, and secure than ever.”
888 Holdings intends to publish its complete fiscal outcomes for the year ending December 31, 2021, in March 2022.