Casino activity helps boost 888 quarterly revenues

Chief executive Itai Pazner described it as a period of ‘outstanding strategic progress’.

Henry Saker-Clark
Tuesday 19 October 2021 09:18
(John Stillwell/PA)
(John Stillwell/PA)

Online gambling firm 888 Holdings said its revenues improved over the past three months as it was boosted by strong online casino activity.

Chief executive Itai Pazner described it as a period of “outstanding strategic progress” after 888 secured a £2.2 billion deal to buy William Hill International last month.

The group said total revenues rose by 7% to 229.9 million US dollars (£166.9 million) in the three months to September 30, compared with the same period last year.

Gaming revenues were 11% higher over the period, but betting revenues dropped 15% against a strong performance last year.

888 said its gaming business was boosted by casino games, as the firm launched more than 150 new games to a positive response.

The company said the trading performance over the period was in line with its expectations.

However, it added that around 10 million dollars (£7.25 million) will be knocked off its profits for the year after a change in Dutch gambling regulations at the start of October.

The Netherlands regulated online gambling on October 1, granting 10 firms licences, but this did not include 888 and the company has now halted operations until it can reapply for a licence in the country.

We have a very exciting platform for long-term growth

Itai Pazner, 888 Holdings

Mr Pazner said: “Alongside these important strategic milestones, I am pleased with the group’s continued positive trading, particularly as we lap very tough comparative periods.

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

“Underpinned by our advanced technology, leading products, and strong brands, as well as the increased scale, talent and diversification that the group will benefit from as a result of its combination with William Hill International, we have a very exciting platform for long-term growth.”

Shares in the company dipped by 0.7% in early trading on Tuesday.