888 Holdings experienced a phenomenal beginning to 2021, posting a revenue surge of 56% compared to the corresponding period in the previous year. This impressive performance propelled their overall revenue for the initial quarter to an astounding $272.5 million!
A key driver of their achievements was the robust performance of their exclusive sports wagering platform. This factor, coupled with their strategic presence in regulated markets, constituted a substantial 76% of their total revenue.
The company also witnessed a remarkable increase in user participation, with new player registrations (particularly those making initial deposits) soaring by 27%. Furthermore, the number of active players consistently spending on their platform also experienced a healthy growth of 18%.
Analyzing their revenue sources, 888’s core business, their business-to-consumer (B2C) operations, saw a 57% leap to reach $262.8 million. This remarkable expansion was fueled by growth across their product portfolio, with casino games leading the charge at a 68% increase, followed by sports wagering at 53%, and poker achieving a respectable 10% growth.
Their business-to-business (B2B) segment wasn’t far behind, registering a 20% rise to hit $9.7 million. This success can be primarily attributed to the solid performance of their bingo products and their strategic expansion within the US market.
Itai Pazner, 888’s CEO, conveyed immense satisfaction with these outcomes, emphasizing that the company sustained its momentum from a prosperous 2020 into the new year. He acknowledged that while the global health crisis contributed to the increased demand for online entertainment, the company’s strategic endeavors, such as the introduction of their innovative 888sport platform, were significant growth catalysts.
Looking forward, Pazner underscored 888’s ambitious goals for US market penetration. This encompasses expanding the availability of their sports betting platform across multiple states and capitalizing on their collaboration with Caesars Entertainment to deploy their enhanced poker platform in new territories.
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