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888 Holdings posts record FY revenues despite pullback in Q4

By Iain Gilbert

Date: Tuesday 18 Jan 2022

888 Holdings posts record FY revenues despite pullback in Q4

(Sharecast News) - Online betting and gaming company 888 Holdings said on Tuesday that full-year revenues had grown year-on-year to yet another fresh record despite experiencing a drop in the key metric in the fourth and final quarter of 2021.
888 Holdings stated full-year business-to-consumer revenues were up 15% at $934.0m and business-to-business revenues were 8% firmer at $38.0m, resulting in a 14% increase in overall revenues to $972.0m.

However, for the fourth quarter, total revenues slipped 16% to $214.0m, largely reflecting a strong comparative period, together with the impact of regulatory and compliance changes, including the group's exit from the Netherlands.

Elsewhere, 888 highlighted that its "transformational acquisition" of William Hill International was expected to be complete in the second quarter, while the strategic sale of its B2C and B2B bingo business for up to $50.0m was projected to complete during the first half.

Chief executive Itai Pazner said: "I am pleased to report another year of record revenues alongside these important strategic milestones, delivering double-digit revenue growth despite a very tough comparative period. This performance reflects the continued success of our data-driven investments and execution against our product-leadership focus that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products."

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