888 Holdings experienced a remarkable commencement to 2021, as earnings skyrocketed by 56% in the initial quarter, reaching $2.725 billion. This notable expansion was significantly propelled by the triumphant introduction of their exclusive sports wagering system, which accounted for a substantial 76% of their overall income originating from regulated sectors.
The enterprise also witnessed a surge in user participation, with fresh depositing customers rising by 27% and the count of active paying participants leaping by 18%. Their core business, the business-to-consumer (B2C) activities, relished a 57% revenue upswing, hitting $2.628 billion. This was driven by a 68% surge in wagering, with sports betting taking center stage at a 53% increase and poker undergoing a respectable 10% growth.
Their business-to-business (B2B) division was not overshadowed, registering a 20% climb in revenue to attain $9.7 million, primarily fueled by their bingo products and growth within the US market.
Chief Executive Itai Pazner ascribed this triumph to the robust momentum from 2020 continuing into the new year. He underscored that while the global health crisis played a role in the heightened demand for digital entertainment, the company’s novel 888sport platform had surpassed projections. He commended its capacity to manage a substantial volume of wagers while upholding exceptional client support and effective risk mitigation.
Looking forward, Pazner emphasized 888 Holdings’ aspiration to further penetrate the US market, broadening their sports betting footprint across additional states. They also intend to capitalize on their alliance with Caesars Entertainment to deploy their enhanced poker platform in new regions.