888 Holdings Reports Record-High Revenue for Q1 2021
888 Holdings, an online gaming and betting company, released its Q1 revenue report for 2021, marking a new all-time high. According to the report, the company has amassed $189.4 million in revenue in the first three months of 2021. Compared to $112.4 in Q1 2020, that’s a 56% year-on-year rise.
The most significant contributing factor was the business-to-customer operation with increased revenue from each sector. 888 Casino led the company’s growth with 68%, and sports betting with 53%. Poker and bingo both continued to improve at 10% and 8%, respectively.
For 888 Holdings, the casino remains the primary revenue stream for B2C operations. The company attributes this to the investments in the improvement of casino products, AI development and implementation, and content expansion. New content was provided by adding games by Playtech and new titles developed by the in-house studio Section 8.
According to 888 Holdings, revenue increase for the sports betting sector of the operation resulted from favourable sports results and win margin structural improvements. Migrating to a new in-house platform has improved promotional capabilities and provided a better experience without interruption for the customers, as expected from one of the best online sports betting venues.
Business-to-business division increased by 20% to almost $7 million, with bingo and US operations leading the way.
The report’s highlights are a 27% increase in daily average first-time deposits and an 18% increase in funded active players.
888 Holdings took the opportunity to highlight the release of the Control Centre, a safer gambling suite getting implemented in new products in multiple countries as a part of the initiative for responsible gambling.
“We remain very pleased with the strong momentum in the business and the continued positive customer reaction to our suite of new products and innovations,” said the CEO of 888 Holdings, Itai Pazner. “As a result, and underpinned by the group’s strengths as a product-centric, responsible, and diversified operator, the board believes that 888 has an outstanding platform to deliver continued strategic progress during 2021 and beyond.”