888 Holdings Kicks Off 2021 with Soaring Q1 Revenue

The 888 Holdings group experienced a stellar commencement to 2021, witnessing a revenue surge of 56% in the initial quarter, reaching $272.5 million. This remarkable expansion was propelled by a 56% rise in comparison to the corresponding period in the preceding year. A pivotal factor contributing to this triumph was their exclusive sports wagering system, underscoring their strategic emphasis on regulated sectors, which currently constitute 76% of their overall revenue. The enterprise observed a surge in user participation, with fresh player registrations (initial-time depositors or FTDs) escalating by 27% and a robust 18% increment in active paying subscribers. Their business-to-consumer (B2C) revenue, representing the majority of their earnings, escalated by 57% to achieve $262.8 million. This was driven by a notable 68% expansion in their casino division and a 53% surge in sports wagering. Notably, even their poker offerings witnessed a respectable 10% uptick. 888’s Chief Executive Officer, Itai Pazner, ascribed this accomplishment to the potent momentum carried forward from 2020 into the new year, culminating in unprecedented FTDs and revenue. He did acknowledge the influence of the global health crisis, with the disruption of in-person sporting competitions in the prior year and the heightened demand for digital entertainment contributing to these exceptional outcomes. Pazner conveyed particular contentment with the performance of their latest 888sport platform, emphasizing its capacity to manage a substantial volume of wagers while upholding exceptional client support and robust risk mitigation. Looking forward, 888 harbors ambitious aspirations to broaden their footprint in the United States, particularly within the sports betting domain, by launching in additional states. They are also partnering with Caesars Entertainment to deploy their enhanced poker platform across a wider range of states.