888 Holdings Records Revenue Growth in Q3

888 Holdings Records Revenue Growth in Q3 Via Its Online Casino. It posted a revenue increase of $229.9million. (Image by Carlos Muza on Unsplash)

888 Holdings is back in the news after making rounds in its recently confirmed agreement deal with Caesars Entertainment to take over William Hill. The company has announced that it recorded significant growth in revenue in the third quarter of 2021, thanks to its online casino.  888 Holding posted a total revenue increase of 229.9 million dollars in the period up to the end of September 2020. This figure represents a 14.3 million dollars(a 7%) increase in revenue. The firm attributed the gain to the top performance of its online casino product.

888 Holdings also explained that its continued expansion into regulated markets accounts for the increase in total gaming revenue. The firm considers the growth impressive, especially as it shows strong trends up to the end of September 2020. 888 Holdings further stated that the company’s revenues throughout the third quarter of 2020 recorded a significant boost because several top sporting events which were previously postponed due to the Covid-19 pandemic resumed. The result was a 21% increase in total sports betting revenue for 888 Holdings.

B2C betting revenue recorded a 15% decrease to the tune of 4.9 million dollars for the third quarter of 2021 compared to Q3 2020. However, this decrease was offset by an increase in revenue for B2C Gaming to the tune of 18.9 million dollars (representing an 11% increase). According to the official trading update, which 888 posted in its investor center, the revenue growth in B2C Gaming was attributed to the firm’s continued investment into augmenting user experience across all its gaming platforms. 888’s strong performances in major regulated markets in Romania, Spain, Italy, and the UK and the roll-out of 150 brand new casino games in Q3 were also attributed to the B2C Gaming growth in revenue.

Up-to-date Revenues From 888 Holdings For 2021

888 Holdings continue to record strong performance as it did in Q3. So far, the firm has seen its total revenue surge by 28% compared to what was obtainable at the same period in 2020. 888’s revenue as of the end of Q3 stands at 758.3 million dollars compared to 594.7 million dollars posted on September 30, 2020. Similarly, B2C Gaming revenue for the year went up by 27% at 622.3 million dollars, while B2C betting also surged by 41% to 107.1 million dollars from the 75.8 million dollars recorded this time last year. This surge has mainly been attributed to 888 Holding’s expansion into the sports betting industry in the US.

888 Holding now boasts a strong position which has enabled it to enter advanced talks with Caesars Entertainment to take over the popular bookmaker William Hill and bring it back to UK shores. The company claimed that the acquisition would cost about 2.2 billion pounds.

888 Holdings Envisage a 10 Million Dollars Hit After It Ceases Dutch Market Operations

888 Holdings expects to take a 10 million dollar hit in the fourth quarter of 2021 even as it continues to record an increase in revenues. The company had to withdraw its services from the Netherlands gambling markets after authorities in the country changed the existing online gambling policies in April. One of these changes necessitated gambling operators like 888 Holdings and others to apply for a new license. The Dutch authorities also set October 1 as the ultimatum date for all gambling operators to meet the requirement. Otherwise, they will not be able to offer their products and services to Dutch players henceforth.

888 Holdings hopes to resume its Netherland operations in Q2 2022 such that it will work in line with the new policies of the newly regulated markets by applying for the new license. So far, the Dutch authorities have been able to issue 10 licenses with 19 other applications to get through later. The entire application process is a drawn-out process, as operators must meet strict conditions while online platforms will have to undergo testing. Leading online gambling operator 888 Holdings predicts that its revenue will hit about 10 million dollars once they resume operators in the Netherlands. They also believe that the group will deliver according to expectations all through Q4 2021.

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