888 Holdings is experiencing a period of significant success! Their Q1 2021 revenue soared by an impressive 56% year-over-year, reaching an impressive $272.5 million. This remarkable expansion is largely attributed to their regulated markets, which generated a substantial 76% of their overall revenue. A pivotal element in this achievement has been the effective deployment of their proprietary sports wagering platform.
The company is also witnessing a surge in user participation, with new depositing customers growing by 27% and the count of active players making purchases on the platform rising by 18%. Their core business-to-consumer (B2C) operations experienced a 57% revenue increase, reaching $262.8 million. This was propelled by a 68% surge in casino revenue, a 53% rise in sports wagering, and a commendable 10% growth in poker.
Even their business-to-business (B2B) segment demonstrated strong performance, achieving a 20% increase to reach $9.7 million, primarily driven by their bingo offerings and expansion within the US market.
Itai Pazner, 888’s CEO, conveyed his satisfaction, noting that the positive trend from 2020 has continued into 2021, with unprecedented numbers of first-time depositors and record revenue. He acknowledged that while the global health crisis contributed to the growth of online entertainment, 888’s strategic initiatives were the primary catalyst for their accomplishments. Pazner specifically emphasized the outstanding performance of their enhanced 888sport platform, which has effectively managed a higher volume of wagers without negatively impacting customer support, risk mitigation, or trading effectiveness.
Looking forward, Pazner outlined 888’s ambitious goals for US expansion, aiming to introduce their sports betting platform in additional states and partner with Caesars Entertainment to broaden the reach of their upgraded poker platform.
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