Leading online gambling operator 888 has reported it experienced a 10% year-on-year increase in group revenue for the Q2 2021, driven mainly by growth within its B2C segment.
888 is confident to say that it remains "well positioned to deliver further strategic progress during 2021 and beyond", as the company reports increased revenue has continued into this year's second quarter.
The group notes that Q2 was slightly ahead of board expectations, with a trading update featuring a 10% growth in revenue to $257M (2020: $214M).
This result is attributed to the continued success of group's product-leadership strategy, continued expansion in regulated markets, and long-term positive customer acquisition trends.
The growth was driven by taxed and regulated markets, which contributed 74% of revenue (in Q2 2020: 73%), with solid performances in Italy, Portugal, Romania, Spain and in the UK offset by the impact of the new regulation in Germany.
B2C revenue increased 11% to $247M (2020: $204M), led by casino (+13%) and sport (+94%), with sport improved from a reduced number of sports events in the previous year.
Bingo and poker revenues were lower than the previous year, which represents an anticipated strong performance during the year 2020 because of stay-at-home mandates.
The German regulator awarded 888 a sportsbetting license, strengthening its position as one of the most-licensed global online gaming and betting companies.
CEO of 888 Itai Pazner said, "I am pleased to report that the strong momentum from the first quarter of 2021 continued into the second quarter, albeit with the year-on-year growth rate moderating in light of stronger comparables from the prior year. Growth was 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.
In addition to strong trading across our core European markets, we made significant strategic progress during the period in the attractive US market, where we announced a long-term strategic partnership with Sports Illustrated. We look forward to launching SI Sportsbook as a key pillar of our strategy to drive increased growth in the US.
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."
Source: https://www.investegate.co.uk/article.aspx?id=202107070700023660E
