888 shows strong momentum in first quarter
888 Holdings said trading in the coming months may be affected by the end of lockdown and changes in regulation across its markets.
Revenue growth of 10%, driven by continued success of the Group’s product-leadership strategy, long-term positive customer acquisition trends, and continued expansion in regulated markets.
Growth driven by regulated and taxed markets, which contributed 74% of revenue (Q2 2020: 73%), with strong performances in the UK, Italy, Spain, Romania and Portugal offset by the impact of the new regulation in Germany.
B2C revenue increased 11%, led by Casino (13%) and Sport (94%), with Sport growth boosted by a reduced number of sporting events in the prior year period.
Poker and Bingo revenues were lower than the prior year, reflecting exceptionally strong performance during the prior year period.
Strategic partnership with Sports Illustrated to provide 888 with a platform for strong U.S. growth.
The German regulator awarded a sports-betting licence to 888, reinforcing 888’s position as one of the most-licensed global online betting and gaming companies. Continued strong cash generation and robust balance sheet.
Itai Pazner, CEO of 888, commented:“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.”