888 Holdings reports record full-year revenue increase

Finance News

888 Holdings said on Tuesday that full-year revenues had grown year-on-year to yet another fresh record despite experiencing a drop in the key metric in the fourth and final quarter of 2021.

Full-year business-to-consumer revenues were up 15% at $934.0m and business-to-business revenues were 8% firmer at $38.0m, resulting in a 14% increase in overall revenues to $972.0m.

Q4 2021 revenue of $214 million (Q4 2020 $255 million) with 16% YoY decline being in-line with Board expectations, largely reflecting a strong comparative period, together with the previously disclosed impact of regulatory and compliance changes, including the exit from the Netherlands. Positive initial progress following launch of SI Sportsbook in Colorado, but offset at a revenue level by upfront investment in promotions to drive customer activity.

Chief executive Itai Pazner said: “I am pleased to report another year of record revenues alongside these important strategic milestones, delivering double-digit revenue growth despite a very tough comparative period. This performance reflects the continued success of our data-driven investments and execution against our product-leadership focus that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products.”