888 posts significant H1 2021 revenue and profit rises

888 Holdings saw its revenue for the first half of 2021 grow 39% year-on-year while also reporting a significant rise in profit in what the operator described as a "record performance."

The online and gaming operator’s revenue, whose brands include 888 Sport, 888 Casino and 888 Poker, was up to $528.4m for the six months ending 30 June. 888’s gross profit rose 40% to $352.4m for the period, with adjusted EBITDA up 39% to $97.4m. Net cash for the operator also increased significantly by 48% to $114.4m, while profit before tax was up 14% to $57.9m.

The company saw a double-digit growth in all the major regulated markets it operators in, with B2C gaming revenue up 35% from a year ago, B2C betting rising82% and total B2C up 41%. Meanwhile, 888’s B2B revenue increased by 8%. The operator mentioned that revenue from regulated and taxed markets represented 75% of the group’s total revenue, up from 73% in 2020.

In terms of regions, 888 saw an 82% growth in Italy and a 57% growth in its UK revenues, following strong customer activity across all verticals. The UK amounted for $222.6m of 888’s total revenue, with the US and Americas bringing in $65.1m, which was up 60% from last year.

888 CEO Itai Pazner said: "The strong momentum from 2020 continued into the first half of 2021, with growth driven primarily by regulated markets, where we believe ongoing market share gains continue to reflect our product-leadership strategy, highly effective data-driven marketing, and our excellent content."

"The Board remains confident that, with 888's advanced technology, products and diversification across markets, the Group remains well positioned to deliver further strategic progress during 2021 and beyond."

Despite the impact the coronavirus pandemic had on all sport and land-based operations, 888 saw its full year 2020 revenue rise 52% from the previous year, up to $849.7m. While for Q2 2021, the operator reported a yearly growth of 20% with revenue increasing to $257m.

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