888 records strong quarter, with YoY revenue up 10%

London Stock Exchange-listed online betting and gaming company, 888, has on Wednesday released its financial report for the second quarter of 2021, showing strong revenue growth of 10 per cent compared to the same quarter in 2020.

Revenue for the three months to the end of June amounted to $257 million (€217 million), up from $214 million (€181 million) in the same period a year earlier, which indicates an increase of 10 per cent on a constant currency basis.

The key contributor to this increase was a major rise in the company’s B2C revenue, which expanded 11 per cent at a constant currency basis, easily offsetting losses in B2B revenue.

Explaining the B2C growth, 888; which operates in a number of jurisdictions and is licensed by regulators including the Malta Gaming Association; explained that Casino and Sports betting revenue grew the most.

Sports revenue climbed the most, increasing by 94 per cent after sports events were greatly limited by the reduced number of sports events in Q2 2020 due to COVID.

Poker and Bingo revenues were lower in the quarter under review than they were a year earlier, reflecting an exceptionally strong performance in Q2 2020, 888 reports.

Overall, performance in the second quarter of the year slightly exceeded board expectations, reflecting continued momentum in the business and favourable exchange rate movements. 

Looking to the second half of the year, the group’s board “remains mindful” of the potential impact of greater than normal seasonality in the summer post COVID retail and leisure venues, which are reopening across international markets. 

Announcing the results, Itai Pazner, CEO of 888 commented: “I am pleased to report that the strong momentum from the first quarter of 2021 continued into the second quarter, albeit with the year-on-year growth rate moderating in light of stronger comparables from the prior year.

“Growth was driven primarily by regulated markets, where we believe ongoing market share gains continue to reflect our product-leadership strategy, highly effective data-driven marketing, and our excellent content”.

Aside from the strong performance of the group, Mr Pazner welcomed the reaching of a long-term strategic partnership with Sports Illustrated, and said 888 is looking forward to launching SI Sportsbook as “a key pillar of our strategy to drive increased growth in the US”.