888 posts revenue growth amid acquisitions and product launches
By Jenny McCall
09:05, 19 October 2021
UK online and betting company, 888 Holdings has reported an increase in revenue in its third-quarter statement on Tuesday.
The group announced that despite a tough “comparator period” due to strong growth last year, its revenue rose by 7% to $220.3m (£159.6m), compared to the same period last year of $206.3m. 888 announced the key driver for this was expansion in regulated markets. B2C (business to consumer) gaming was strong and performance was led by the group’s casino business.
William Hill International acquisition
B2C betting declined to $26.8m, versus a strong quarter last year, which saw revenue at $31.7m. 888 also announced its acquisition of William Hill International in a £2.2bn deal and said it is “creating a global leader in online betting and gaming, with significantly enhanced scale and leading positions in key regulated markets”.
Itai Pazner, CEO of 888, commented: “Q3 2021 was a period of outstanding strategic progress for 888. During the period we announced the transformational acquisition of William Hill International, successfully launched SI Sportsbook in the US, and began operating 888sport under a new licence in Germany as we continued to execute our plan to build a global online betting and gaming leader.”
“Underpinned by our advanced technology, leading products, and strong brands, as well as the increased scale, talent and diversification that the Group will benefit from as a result of its combination with William Hill International, we have a very exciting platform for long-term growth,” Pazner added.
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Betting on new ventures
In September, 888 announced its all-new Sports Illustrated wagering experience, SI Sportsbook. On Tuesday, the group announced its successful launch of the new online venture.
888 stock price was down 1.92% at 408.00p in early morning trading today.
Read more: 888 and Sports Illustrated launch SI Sportsbook