888 reports 15% revenue increase for year ended 31 December 2021

By Peter Lynch

888 Holdings has reported revenue of $980.1m for the year ended 31 December 2021, a 15% increase from the prior-year period.

Revenue from regulated and taxed markets represented 74% of group revenue, with 17% growth in revenue from these markets.

The online betting and gaming company reported Adjusted EBITDA of $165m for the period, a 6% increase from the year ended 31 December 2020. Gross profit amounted to $647m, with profit before tax amounting to $81.3m.

Highlights for the period included launching 888sport in Germany on a local licence, with the company awarded a licence in Virginia and Ontario, while it is currently in the application process in the Netherlands.

"2021 was a very successful year for 888 as we continued to position the group to become a global leader in online betting and gaming,” said 888 CEO Itai Pazner. “It was another record year from a financial perspective, and we have truly transformed the scale of the business over the past two years. 

“This step-change in scale has come from a clear market focus on regulated markets, which now make up three-quarters of revenue, and where we are seeing really positive market share trends.

“We continued to leverage our competitive advantages around product leadership, brands, and customer excellence to improve the quality of products and the customer experience across sports and gaming, all the while maintaining our persistent focus on delivering our safer gambling priorities.”

Pazner also looked to the future, stating: “Given this strong financial and operational performance, the board remains confident that, with 888's advanced technology, products and diversification across markets, the group is well-positioned to deliver long-term sustainable growth for all its stakeholders into the future.”

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