Business

888 Foresees a 14% YoY Revenue Growth in FY21

888 Foresees a 14% YoY Revenue Growth in FY21

For the last twelve months in 2021, 888 Casino’s total group revenue is forecasted to amount to a record of $972m. This means that from FY20, this revenue has been upped from $850m. This was reported by 888 in a post-close trading update.

888 believes that this growth success was due to its product leadership strategy, as well as its continued expansion into regulated markets all around the world. 888 Casino is one of the top brands in the casino industry, excelling at offering some of the best bonuses to players including welcome bonuses and free spins no deposit bonuses.

The operator claims that regulated and taxed markets will likely account for 74% of all the revenue made in 2021. This is slightly more than the previous year which was 73% with a particular strong performance in Italy, UK, Portugal, Romania, and a decline in Germany.

When looking at the business segments, B2C is also set on the increase by 15% year-on-year, now at $934m, with a casino revenue forecast climbing to 24% and sport betting up by 4%, despite 888’s exit from the Netherlands.

888 Casino had some key highlights in 2021 including its agreement to acquire William Hill’s non-US assets from Caesars Entertainment, with this deal expected to come to a close in the second quarter of this year. 888 also agreed on a strategic partnership with Sports Illustrated to get hold of their branded betting and gaming website in the US market.

The operator also launched its 888sport brand in Germany under a local license, while agreeing to sell its B2C and B2B bingo business to focus on core B2B platform and US growth strategies.

Itai Pazner, chief executive of 888, claims that ‘I am pleased to report another year of record revenue 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.’

This forecasted growth came after an unexpected drop by 16% revenue in the fourth quarter of 2021, expecting to fall from $255m to $214m. B2V revenue in Q4 is also expected to fall 17% down to $205m while B2B is expected to rise by 10% to $9m.

Pazner continued, ‘2021 was a year of outstanding strategic progress for 888 as we announced the transformational acquisition of William Hill International and reached an agreement to sell our bingo business to increase our focus on our B2C and US growth plans, as we continue to execute our plan to build a global online betting and gaming leader. In addition, we successfully launched SI Sportsbook in the US shortly after signing a long-term brand partnership and began operating 888sport under a new licence in Germany, all using our in-house sports platform.’

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