The gaming giant, 888 Holdings, experienced a phenomenal beginning to 2021, announcing a substantial 56% surge in their initial quarter earnings, reaching an impressive $272.5 million!
This triumph is largely credited to their calculated emphasis on regulated gaming sectors, which now constitute a considerable 76% of their overall earnings. This accomplishment is further propelled by the successful implementation of their proprietary sports wagering system.
888 Holdings witnessed a spike in user participation, with a 27% rise in initial deposits and an 18% boost in active wagering participants.
Their core offering, the business-to-consumer (B2C) revenue, soared by 57% to reach $262.8 million. This remarkable expansion was driven by a 68% leap in their casino division, a 53% increase in sports wagers, and a commendable 10% growth in poker.
Even their business-to-business (B2B) sector wasn’t overshadowed, achieving a 20% growth to hit $9.7 million, primarily fueled by their bingo products and expansion within the American market.
Chief Executive Itai Pazner proudly declared that their outstanding 2020 performance has continued into the new year, establishing new benchmarks for first-time depositors and revenue generation. He acknowledged that while the comparison to the prior year is somewhat distorted due to the global health crisis’ impact on sporting events and the subsequent rise in online entertainment, the outcomes are still remarkably encouraging.
Pazner conveyed immense contentment with the robust performance of their novel proprietary 888sport platform, which is already managing a significant portion of their betting operations. He highlighted that this accomplishment coincides with upholding exceptional customer support and effective risk mitigation.
Looking forward, Pazner shared 888’s goal to capitalize on the burgeoning US market by deploying their sports betting platform in additional states. Moreover, they intend to utilize their collaboration with Caesars Entertainment to introduce their modernized poker platform across a broader spectrum of states.