In the final quarter of 2021, 888 Holdings experienced a 16% decline in revenue compared to the corresponding period the previous year, reaching $214 million.
The firm indicated that this reduction was anticipated and aligned with the board’s forecasts. This outcome reflects the challenging comparison against a robust performance in the same period last year and modifications implemented for regulatory and compliance objectives. Throughout the quarter, B2C revenue witnessed a 17% decrease, settling at $205 million, while B2B revenue displayed a positive trajectory, rising by 10% to $9 million.
Despite the Q4 downturn, total revenue for the entirety of 2021 actually expanded by a substantial 14%, attaining $972 million. 888 attributes this triumph to the sustained efficacy of the company’s product leadership approach and its ongoing enlargement within regulated sectors.
This expansion was propelled by strong showings in crucial markets such as the UK, Italy, Romania, and Portugal.
Examining the complete year 2021, B2C revenue ascended by 15% to $934 million, with gaming and sports undergoing growth of 24% and 4% correspondingly. Concurrently, B2B revenue exhibited an 8% surge compared to the preceding year, reaching $38 million.
“2021 marked a year of substantial strategic advancement for 888,” remarked Itai Pazner, Chief Executive Officer of 888. “We unveiled the transformative acquisition of William Hill International and the divestiture of our bingo operations to enhance our concentration on our B2C and US expansion strategies, and we continued to implement our blueprint to establish a global online betting and gaming frontrunner.”
“Furthermore, we have effectively introduced SI Sportsbook in the US shortly after formalizing our long-term brand collaboration, and have commenced operations of 888sport under a fresh license in Germany, all leveraging our proprietary sports platform.”
We were genuinely happy with our advancements. Even though facing difficulties, we achieved unprecedented earnings and substantial expansion, all the while striving for our long-term objectives. This demonstrates that our analytics-based strategy and emphasis on providing exceptional products are yielding results – particularly in enhancing our sports wagering and gaming options, making them superior and readily available to all.”
888 Holdings further indicated their anticipation of unveiling the complete financial outcomes for the year concluding on December 31, 2021, during March 2022.
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