Back to the Future, 888 Hits A Q2 Jackpot
FTSE-250 iGaming giant 888 Holdings has reported a 20 per cent, year-on-year, increase in revenue for its Q2, ending June 30, to US$257 million (£186.25m/€217.75m).
The end of draconian Covid-19 lockdowns and the return of sports betting have been major drivers of the growth, says the company — along with effective leadership and a significant expansion into regulated betting markets.
“I am pleased to report that the strong momentum from the first quarter of 2021 continued into the second quarter,” 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.
“In addition to strong trading across our core European markets, we made significant strategic progress during the period in the attractive US market, where we announced a long-term strategic partnership with Sports Illustrated.”
Regulated and taxed markets contributed 74 per cent of 888 revenue in Q2.
Performances in the UK, Italy, Spain, Romania and Portugal were particularly impressive.
Although poker and bingo revenues declined, B2C sports betting revenue almost doubled because of the return of live events. The 888 Casino vertical also posted strong results, climbing 13 per cent in the quarter year-on-year.
Added Pazner: “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.”