Financial Overview:
888 reported robust financials for the period, showcasing steady growth and strategic positioning. Revenue from regulated and taxed markets constituted a significant portion, representing 74% of group revenue, with an impressive 17% growth in revenue from these markets. Adjusted EBITDA stood at $165 million, reflecting a 6% increase from the previous year. Gross profit amounted to $647 million, with profit before tax totaling $81.3 million.
Market Focus and Expansion:
The company’s strategic focus on regulated markets has yielded substantial results, with positive market share trends observed. Key highlights include the successful launch of 888sport in Germany on a local license and the acquisition of licenses in Virginia and Ontario. Moreover, 888 is actively pursuing expansion opportunities, currently in the application process in the Netherlands.
CEO Insights:
Itai Pazner, CEO of 888 Holdings PLC, expressed satisfaction with the company’s performance, labeling 2021 as a “very successful year.” Pazner attributed the record financial achievements to the company’s clear market focus on regulated markets, constituting three-quarters of revenue. He emphasized leveraging competitive advantages in product leadership, brands, and customer excellence to enhance product quality and customer experience while maintaining a steadfast commitment to safer gambling priorities.
Future Outlook:
Looking ahead, Pazner exuded confidence in 888’s ability to sustain long-term growth, backed by advanced technology, diversified product offerings, and a strong presence across markets. The board remains optimistic about delivering sustainable growth for all stakeholders in the foreseeable future.
888 Holdings PLC’s performance underscores its resilience and strategic acumen in navigating the dynamic online betting and gaming landscape. With a steadfast focus on regulated markets, innovation, and customer-centricity, the company is poised for continued success and long-term growth.