Revenue Up in All Areas for 888 Holdings
888 Holdings, one of the largest online gambling operators, has announced that it achieved record revenue in the first quarter of 2021 with year-on-year growth across all of its business segments.
Overall revenue for Q1 grew to $262.8 million up 66% year-on-year from $156.9 million last year, which is a 56% rise on a constant currency basis. Revenue from the B2C operations, casino, sports betting, poker and bingo, was up 67% to $262.8 million, with growth across all four products.
Casino was the primary source of B2C income, with revenue up 80% to $195.2 million. According to 888, this is thanks to steady investment in the casino product over the last few years as well as advances in its artificial intelligence driven personalization and the continued expansion of content.
Sports revenue was up 63% to $41.6 million. 888 also said that the majority of 888sport volumes were moved to its new in-house platform during the quarter with very little disruption to customers. Punters bet 38% more and the betting net win margin was 8%, up from 6.8% last year.
Poker revenue was up by 13% to $14.7 million, aided by a positive response to the Poker8 product, while bingo saw revenue increase of 16% to $11.4 million, helped by a revamped home page and better AI features.
Revenue was also up in B2B operations. It grew 27% year-on-year to $9.7 million and 888 highlighted growth in its B2B bingo and US operations in Q1. Other highlights for the operator included a 27% increase in average daily first-time depositors and an 18% increase in funded active players.
“The strong momentum in 2020 has continued into the first quarter of 2021, with a new all-time-high for FTDs [first-time deposits] and revenues, although year-on-year trends were partly inflated by the disruption to sporting events at the end of the prior year period, and increased demand for digital entertainment during this period across our main markets. Our differentiated products and our data-driven marketing continued to underpin strong progress, supported by a favourable industry backdrop. “ – Itai Pazner, 888 Chief Executive