888 has published the financial balance for 2021 and highlights that it was another record year for the group, with revenues increasing by 14% to $972 million.
888 has explained that, in addition to record revenues, they have made important strategic advances such as the transformational acquisition of William Hill International, a strategic partnership with Sports Illustrated to launch SI Sportsbook, and the strategic sale of its B2C and B2B bingo business to increase focus on core platform and US growth strategies.
Below, we summarize other 2021 highlights of 888 operations
- Revenue growth of 14% driven by continued success of the Group's product-leadership strategy and continued expansion in regulated markets
- Growth driven by regulated and taxed markets, which contributed 74% of revenue (2020: 73%), with strong performances in the UK, Italy, Romania and Portugal, partially offset by a decline in Germany
- B2C revenue increased 15% to $934 million, led by casino (+24%), with sports growth of +4% reflecting the greater impact of regulatory changes on the sport business, in particular the exit from the Netherlands
Regarding the last quarter and with a view to 2022, 888 emphasizes:
- Q4 2021 revenue of $214 million (Q4 2020 $255 million) with 16% YoY decline being in-line with Board expectations, largely reflecting a strong comparative period, together with the previously disclosed impact of regulatory and compliance changes, including the exit from the netherlands
- Positive initial progress following launch of SI Sportsbook in Colorado, but offset at a revenue level by upfront investment in promotions to drive customer activity
- Launch of 888sport in Germany using 888's in-house platform under a local license in Q3 2021
- Continued strong cash generation and robust balance sheet with cash and cash equivalents, net of customer balances, of $147m as at 31 December 2021
- ESG committee of the Board formed, defining clear ESG strategy to deliver sustainable growth with initial commitment of net zero carbon emissions by 2035, as outlined in our zero-carbon report
Itai Pazner, CEO of 888, highlights achieving record revenues along with important strategic milestones despite current challenges, saying: “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”.
Read 2021 financial update
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