888 Holdings has reported a 14 per cent rise in full-year revenue despite a slowdown in the fourth quarter.
UK.- The British betting and gaming operator 888 Holdings has reported a 14 per cent increase in full-year revenue despite a decline in the fourth quarter. The company’s revenue for the year ended December 31 rose to $972m, although Q4 revenue fell 16 per cent compared with 2020, when pandemic-related lockdowns drove online gaming and betting.
Annual revenue growth at 888 was helped by strong performance in the UK and other European markets, such as Italy, Romania and Portugal. B2C revenue for FY21 grew by 15 per cent to $934m, with casino and sports growing by 24 per cent and 4 per cent respectively. B2B revenue meanwhile increased by 8 per cent from the prior-year period to $38m.
The decline in Q4 was in line with board expectations, reflecting a strong comparative period together with regulatory and compliance changes. B2C revenue for the period declined by 17 per cent to $205m, with B2B revenue growing by 10 per cent to $9m.
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.”
888 noted that it expects to release its full financial results for the 12 months ended December 31 in March.
William Hill acquisition
888 Holdings has anticipated that it will complete its £2.2bn acquisition of William Hill’s non-US assets from Caesars Entertainment in the second quarter of the year. This is a change from an announcement in November when the company expected to close it in Q1.
888 has already gained regulatory approval for its acquisition. In the second quarter, the international gambling group will publish a combined circular and prospectus for the acquisition and capital raise, with a shareholder vote scheduled to follow. The capital raise was previously outlined by 888 with the goal of generating £500m of gross proceeds by issuing new equity.