For the final quarter of 2021, 888 Holdings witnessed a 16% decline in revenue compared to the previous year, reaching $214 million.
The firm ascribed this reduction to robust results during the corresponding period in the prior year and shifts in regulations and compliance. This outcome was not unforeseen and aligned with the board’s projections. Examining the revenue further, the Business-to-Consumer (B2C) segment experienced a 17% decrease, totaling $205 million, while Business-to-Business (B2B) revenue actually expanded by 10%, hitting $9 million.
Despite this downturn, 888 Holdings enjoyed a 14% rise in revenue for the complete 2021 fiscal year, attaining a sum of $9.72 billion. This accomplishment, as per 888, was propelled by its leading product approach and ongoing expansion into regulated markets.
Analyzing the 12 months preceding December 31, 2021, B2C revenue ascended by 15%, reaching $934 million. Within this division, gaming observed a 24% surge, and sports wagering climbed by 4%. Concurrently, B2B revenue saw an 8% year-over-year increase, reaching $38 million.
This comprehensive growth was driven by robust performance in crucial markets such as the UK, Italy, Romania, and Portugal.
Itai Pazner, Chief Executive Officer of 888, remarked on the outcomes: “2021 marked a year of substantial strategic advancement for 888, during which we unveiled the transformative acquisition of William Hill International and secured an agreement to divest our B2C and B2B bingo operations, consistent with our emphasis on B2C and US expansion. We remain committed to executing our plan to establish a global online betting and gaming frontrunner.”
Pazner proceeded, emphasizing the company’s US expansion: “As we look ahead, we are enthusiastic about the considerable prospects before us as we merge these two entities to forge a global leader in the online betting and gaming sector. We are also eager about the imminent launch of SI Sportsbook in the US, following the signing of a long-term brand collaboration with Sports Illustrated, and commencing operations of 888sport under a new license in Germany, all leveraging our proprietary and scalable technology.”
We were delighted to announce another year of unprecedented financial success, achieving substantial revenue increases exceeding ten percent despite the challenge of surpassing the previous year’s strong performance. This accomplishment underscores the effectiveness of our analytics-driven strategy and unwavering commitment to product excellence. We are continuously enhancing our sports wagering and gaming offerings, making them more robust, secure, and inclusive for all.”
888 Holdings intends to publish its comprehensive financial performance data for the fiscal year concluding on December 31, 2021, during March 2022.
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