888 Gets With The Flow, Delivers Sweet H1
Total revenue for the Gibraltar-based FTSE-250 group increased by 39 per cent to US$528.4 million (£383.4m/€446.6m), year-on-year, ending June 30, with the company recording growth rates of 80 per cent in Italy and 56 per cent in the UK.
Across all markets, 888’s B2C brands earned US$509 million (£369.3m/€430.2m), up just over 40 per cent. B2B revenue was also up, albeit more modestly, to US$19.3 million (£14m/€16.3m), an increase of just over eight per cent.
US tie-ins with the iconic Sports Illustrated brand, the rollout of 888’s proprietary Dragonfish platform in the important Pennsylvania state sportsbook market, coupled with moves in Colorado and other emerging stateside markets augur well for future-proof trading — and delivered revenue of US$65 million (£47.2m/€54.9m), a not inconsiderable 12 per cent of all trading in H1.
“[Our] strong momentum from 2020 continued into the first half of 2021,” said 888 Chief Executive Itai Pazner.
“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.”
After paying US$7.2 million in tax (£5.2m/€6.1m), 888 ended the half with a profit of $50.7 million (£36.8m/€42.8m), up nearly 12 per cent on H1 last year.
Added Pazner: “While maintaining our persistent focus on delivering our safer gambling priorities, the board remains confident that, with 888’s advanced technology, products and diversification across markets, the group remains well-positioned to deliver further strategic progress during 2021 and beyond.”
Even angels would fear to disagree.