888 Holdings reports modest 7% growth
Growth in US market, but most significant headway is international.
888 Holdings (“the Group”), among the leading online gaming platforms in the world, has reported revenue growth in its third quarter report, with revenue now standing at $229.9m (a 7% year-on-year increase). 888 has attributed this growth to expansions and acquisitions in many of the markets in which it is active.
Among the Group’s strongest showings were casino betting, which saw 11% growth. B2B also did well, growing by 4%. One down trend was sports betting, which declined by 15%, a move that analysts say was the result of such a strong showing during 2020, when the pandemic severely curtailed sporting events. Even with the decline, when compared to 2019 sports betting has increased by 19%.
CEO Itai Pazner struck a positive tone: “This performance reflects the continued success of our data-driven investments and execution against our product-leadership plan that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products.”
Pushing this growth in the US market was the launch of the Sports Illustrated Sportsbook in Colorado, which marked the first time that the Group’s in-house sports betting was used in the US.
Also in July 2021, the Group launched the World Series of Poker brand in Pennsylvania. The arrival of this online poker platform, done in partnership with Caesar Interactive Limited, marked its arrival in the US. The platform is due to expand to Michigan in the coming weeks.
The growth seen in its B2B division has also been attributed to expansion in the US operational segment.
Among the other highlights boosting 888’s balance sheet was the acquisition of William Hill International and the launch of 150 new casino games, of which a number have proved enduringly popular with costumers.
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