888 Holdings revealed that for the six months ending in June 30, 2021, their revenue reached $528.4 million, a positive increase of 39.4% compared to the $379.1 million in the same timeframe in 2020.
The growth was driven primarily by its B2C operations, which posted $509.1 million.
CEO of 888 Holdings 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."
Lockdown Winner
Just like other online betting groups, 888 Holdings is one of the winners due to extended lockdowns brought about by the pandemic. A significant number of live sporting events were unfortunately cancelled because social distancing restrictions were imposed.
As a result, many people turned to alternatives offered by online gambling operators instead, which included online poker and online casinos. Looking forward, one natural concern for the market and investors is the obvious signs of growth slowing down as the lockdowns are lifted, retail and leisure venues are re-opened as the economy returns to some form of normality.
Pazner said, "The board remains mindful of the tougher comparables in the upcoming fourth quarter, a period that enjoyed an exceptionally strong performance in both betting and gaming revenues during 2020."
Shares
888 Holdings shares gained 3.3% to 421p after revealing record interim results and increasing annual earnings guidance.
Pre-tax profits calculated for the first half of the year 2021 (January-June) showed an increase from $50.9 million to $57.9 million on a year-on-year basis as revenues increased by 39% to $528.4 million. The interim dividend went up by 41% to 4.5 cents per share.
Optimistic Future
There are many reasons to be optimistic about 888 Holding's future prospects, despite the tougher scenarios the company will face once the advantageous impact of lockdowns recedes.
For one, the group will be taking market share across key regulated markets. Another reason would be that the company will benefit from the strategic partnership they have in the USA with the upcoming launch of Sports Illustrated Sportsbook.
Sports Illustrated is the fastest growing sports media brand in America, with more than 12 million readers per year and 30+ million unique monthly visitors. A Sports Illustrated customer is over 3 times likely to visit a betting website and is 78% more likely to place a wager, based on a Comscore research.
About 888
888 Holdings PLC, or 888.com, is a public company based in Gibraltar that owns many popular gambling brands and websites:
- Online Casino - 888casino
- Online Sports Betting - 888Sport
- Online Poker - 888poker
- Online Bingo - 888Bingo
Source: https://www.gamblingnews.com/news/888-holdings-interim-report-revealed-record-profit-in-h1-2021/
