888 Holdings experienced a somewhat uneven performance in their final quarter 2021 financial report. Total income saw a decrease, reaching $214 million, a 16% decline compared to the corresponding period the previous year.
The company indicated that this outcome was not entirely unforeseen. The prior year had witnessed exceptionally robust results, and the organization had also implemented certain regulatory and compliance adjustments that affected the figures. Examining the details, their core business, the business-to-consumer (B2C) revenue, contracted by 17% to $205 million. Conversely, their business-to-business (B2B) division actually experienced a 10% rise, attaining $9 million.
Shifting focus to the entirety of the year, 2021 was actually quite favorable for 888 Holdings. They generated $9.72 billion in revenue, a 14% surge compared to 2020. This accomplishment, they attribute, is largely due to their emphasis on developing exceptional products and their calculated expansion into regulated markets.
Expanding on that point, their B2C revenue for the complete year expanded by a healthy 15% to $934 million. Both their casino and sports wagering offerings performed admirably, with casino revenues climbing by 24% and sports by 4%. Their B2B segment was no slouch either, recording an 8% increase to reach $38 million.
The standout performers, geographically speaking, were the UK, Italy, Romania, and Portugal, all of which played a substantial role in the company’s robust performance.
Itai Pazner, 888’s CEO, encapsulated the situation by stating, “2021 was a year of substantial strategic advancement for 888, during which we unveiled the transformative acquisition of William Hill International and the divestment of our B2C and B2B Bingo operations to enhance our focus on our B2C and US expansion strategies as we persist in executing our vision to establish a global online betting and gaming leader.”
He also emphasized some of their notable accomplishments, including the successful introduction of their SI Sportsbook in the US through a long-term collaboration and the launch of 888sport in Germany under a new license, both driven by their proprietary in-house technology.
We were truly delighted to share news of another year of unprecedented financial success, marked by substantial revenue increases! This achievement comes despite encountering significant obstacles in comparison to the previous year. Our accomplishments serve as a clear indication of the effectiveness of our analytically driven strategy and our unwavering commitment to providing exceptional products. We have dedicated ourselves to enhancing the sports wagering and gaming experiences for our valued customers, making them more convenient, superior in quality, and more secure than at any point in the past.”
888 Holdings plans to publicly disclose their complete financial performance data for the twelve-month period concluding on December 31st, 2021, during March 2022.
