888 reports record annual revenues of $934 million, up 14% despite a decrease in revenue throughout Q4 of 2021. (Image by Rita Butler at unsplash.com)
With another year consigned to the record books, iGaming firms will now number crunch to see how they performed revenue-wise in 2021.
888 Holdings, one of the world’s largest iGaming companies, is the latest to report its annual revenue, and the firm is rightly happy with the results.
This is understandable, as 888 has reported yet another record year in terms of revenue growth. Despite a decrease in revenues throughout the last quarter of 2021, the company posted a record 14% increase in revenue for the year ending 31 December 2021.
Continuous market expansion and powerful performances in regulated markets mainly drove the growth. The company’s iGaming platforms performed particularly well in the UK, Portugal, Italy, and Romania. In fact, it was these markets that contributed 74% of the revenue brought in by 888 Holdings. This was partially offset by poor performance in Germany due to having little choice but to temporarily cease operations in the country while it underwent re-regulation.
Revenue at 888 Holdings increased 15% year on year to a record $934 million. End of year results in 2020 showed $814 million in revenue. 888 drove much of that increase via the firm’s online casino operations, a vertical that brought a 24% increase in revenue compared to 2020. Sports betting revenues also increased 4% on those posted in 2020. 888 attributes the increased revenues to the continued demand for online casino gaming because of the COVID-19 pandemic and continued changes to regulations across numerous markets.
Itai Panzer, 888 Holding’s CEO, stated he was delighted with the company’s performance throughout 2021 and claimed that hitting double digit revenue growth was an excellent achievement despite a reduction in revenue throughout Q4.
Strategic Developments Throughout 2021
While still ongoing, and expected to complete at some point in Q2, the key development during 2021 was 888 Holding’s acquisition of William Hill’s non-US assets. One of the 2021’s biggest acquisitions, came because of Caesars Entertainment purchase of William Hill for $3.7 billion and then selling off those non-US assets to 888 Holdings. Other strategic partnerships include 888 inking a deal with Sports Illustrated, which resulted in the launch of the Sports Illustrated sports betting platform in the US. Utilising 888’s in-house platform, the SI Sportsbook will launch across additional states in the US throughout 2022.
888 Holdings now own the William Hill brand across Europe and that includes the excellent William Hill online casino, which offers a fantastic live casino suite of games courtesy of providers including Evolution and Playtech. To learn more about this leading casino, check out our full William Hill live casino review!