888 Holdings Reports Impressive Q1 2021 Earnings with Significant Growth Across All Sectors
888 Holdings experienced a remarkable beginning to 2021, announcing a 56% increase in earnings for the initial quarter in contrast to the corresponding period the previous year. This notable expansion, which generated an impressive $272.5 million, underscores the company’s robust position within the internet gaming sector.
A key driver of this triumph was the growth observed in regulated sectors, constituting 76% of 888’s overall earnings. This can be largely ascribed to the prosperous implementation of their exclusive sports wagering platform.
The organization also witnessed a substantial rise in user participation. New users joined the platform in droves, with initial-time depositors (FTDs) surging by a remarkable 27%. Concurrently, the count of active paying users experienced a healthy 18% increase.
Analyzing the revenue sources, the Business-to-Consumer (B2C) division, encompassing offerings directly to customers, saw a 57% boost, reaching $2.628 billion. This expansion was propelled by a 68% surge in casino gaming, a 53% increase in sports wagering, and a 10% rise in poker earnings.
The Business-to-Business (B2B) division, concentrating on collaborations with other enterprises, also demonstrated favorable outcomes. Earnings in this domain expanded by 20% to reach $9.7 million, primarily driven by growth in their bingo offerings and expansion within the US market.
Itai Pazner, Chief Executive Officer of 888, conveyed his contentment with the company’s performance, remarking that the strong impetus from 2020 extended into the first quarter of 2021. He emphasized the unprecedented figures for both first-time depositors and overall earnings, acknowledging that the prior year’s figures were somewhat affected by disruptions to sporting events and a surge in demand for digital entertainment options.
Pazner specifically commended the performance of their new proprietary 888sport platform, which has effectively managed a substantial portion of their sports betting operations while upholding high levels of customer satisfaction and efficient risk management.
Looking forward, Pazner stressed 888’s aspiration to broaden its footprint in the United States, introducing its sports betting platform in new states and partnering with Caesars Entertainment to deploy their enhanced poker platform across a wider array of states.