888 has published the update of its financial results during the first quarter of 2021, highlighting a 56% growth in its revenues by product-leadership strategy, long-term positive customer acquisition trends, and continued expansion in regulated markets.
888 has published a press release highlighting the following aspects of its operations in the first quarter of 2021.
• B2C revenues increased 57% to $ 262.8 million, led by growth in Casino (68%) and Sport (53%), with continued growth in both Poker (10%) and Bingo (8%)
• Successful deployment of 888's in-house sports betting platform, which is now delivering the majority of sports volumes
• Control Center, 888's innovative safer gaming suite, has continued to be developed in other products and countries
• 27% growth in the daily average of first-time depositors and 18% increase in active players
• Growth driven by regulated and taxed markets, which contributed 76% of revenue (2020: 73%), with strong growth in the UK, Italy, Spain, Romania and Portugal
888 has explained that it expects year-on-year trends to be affected by regulatory and compliance changes. Likewise, the Group continues to increase investment in product and marketing to support its long-term growth plans, and as a result, the Board expects adjusted EBITDA for the full year to be broadly consistent with the prior year, despite increased investment in US B2C expansion.
Regarding the financial results registered, Itai Pazner, CEO of 888, said that they hope to implement operations in other jurisdictions in the United States in the coming months with Caesars. Also, he has expressed the group's satisfaction with the performance of the “888sport platform, which is already servicing most bets while maintaining strong customer service levels and highly effective risk management and trading”.
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