888 posts 14% sales rise after online casino demand rises in lockdown

The company’s shares fell slightly in early trading as it also announced a 16% decrease in revenues during the final quarter.

Henry Saker-Clark
Tuesday 18 January 2022 11:37
The online betting website 888.com (Chris Radburn/PA)
The online betting website 888.com (Chris Radburn/PA)

The online gambling firm 888 posted a jump in revenues for 2021 after getting a boost from higher online casino demand during the pandemic and changes to regulations in growing markets.

The company’s shares dipped slightly in early trading, as it also confirmed a slowdown in activity during the latest quarter.

The Gibraltar-based business said sales increased by 14% to 972 million US dollars (£714 million) during 2021 from a year earlier.

However, it achieved this growth despite a 16% fall in revenues over the final quarter of the year.

It said it lost steam against strong comparable figures after lockdown measures helped to buoy digital gaming and gambling activity.

Recent revenues have also been lifted by its expansion across the US, as a number of states continue to ease their gambling laws.

Last year, 888 also agreed to buy William Hill’s international arm in a £2.2 billion deal, giving the online firm its first high street betting shops.

The move, which will hand 888 control of around 1,400 William Hill branches in the UK, is expected to be completed in the second quarter of this year.

Itai Pazner, chief executive officer of 888, said: “2021 was a year of outstanding strategic progress for 888 as we announced the transformational acquisition of William Hill International, and reached an agreement to sell our bingo business to increase our focus on our business-to-consumer and US growth plans, as we continue to execute our plan to build a global online betting and gaming leader.

“I am pleased to report another year of record revenues alongside these important strategic milestones, delivering double-digit revenue growth despite a very tough comparative period.

“This performance reflects the continued success of our data-driven investments and execution against our product-leadership focus that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products.”

Shares in the gambling firm slipped 2.2% lower to 262.4p on Tuesday morning.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in