The year 2021 began exceptionally well for 888 Holdings, as they reported a substantial 56% surge in their initial quarter earnings, hitting an impressive $272.5 million in contrast to the preceding year.
This accomplishment is largely attributed to their calculated growth into regulated sectors, which currently constitute a significant portion (76%) of their income. Their exclusive sports wagering system has been a significant factor, drawing in a multitude of fresh customers. Regarding users, 888 witnessed a rapid increase in new registrations, with first-time depositors expanding by a remarkable 27% and the quantity of engaged paying users on the platform soaring by 18%.
To elaborate, their core business-to-consumer activities generated $262.8 million, a considerable 57% rise. Casino offerings spearheaded the growth with a 68% leap, trailed by sports wagering at 53% and poker experiencing a respectable 10% expansion.
Notably, their business-to-business sector wasn’t overshadowed, achieving a 20% increase to reach $9.7 million, propelled by bingo and the constantly expanding US market.
Itai Pazner, the head of 888, expressed understandable satisfaction. He highlighted that their 2020 impetus seamlessly transitioned into the new year, shattering records for initial depositors and overall earnings. He did acknowledge that the comparison to the prior year was somewhat distorted, as 2020 encountered disruptions in live sporting events and a surge in online entertainment consumption due to the global health crisis.
Pazner was particularly pleased with their modernized 888sport system, which has become their primary center for sports betting, effortlessly managing the heightened traffic while upholding exceptional customer support and maintaining stringent risk control and trading practices.
Looking forward, Pazner shared 888’s aspirations for US expansion, aiming to introduce their sports wagering system in additional states and capitalize on their collaboration with Caesars Entertainment to present their enhanced poker system to a broader demographic.
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