888 reports 16% decline in Q4 2021 revenue
888 Holdings has reported revenue of $214m for the fourth quarter of 2021, a 16% year-on-year decline.
The decline, according to the company, was in line with board expectations, reflecting a strong comparative period together with regulatory and compliance changes. B2C revenue for the period declined by 17% to $205m, with B2B revenue growing by 10% to $9m.
Revenue for FY21 did, however, grow by 14% to $972m. This, according to 888, was driven by the continued success of the company’s product-leadership strategy and continued expansion in regulated markets.
B2C revenue for FY21 grew by 15% to $934m, with casino and sports growing by 24% and 4% respectively. B2B revenue meanwhile increased by 8% from the prior-year period to $38m.
The growth was driven by strong performances in the UK, Italy, Romania and Portugal.
“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 B2C and US growth plans, as we continue to execute our plan to build a global online betting and gaming leader,” said 888 CEO Itai Pazner.
“In addition, we successfully launched SI Sportsbook in the US shortly after signing a long-term brand partnership and began operating 888sport under a new licence in Germany, all using our in house sports platform.
“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.”
888 noted that it expects to release its financial results for the 12 months ended 31 December 2021 in March 2022.
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