888 Holdings, the parent company of 888casino, 888poker, and 888sport, among others, has reported a record $560.3m in revenue for 2019. It equates to a 6% year-on-year rise from 2018’s figures.
Where the Revenue was Generated
The bulk of 888’s revenue ($530.5m) was generated from its business to consumer operations. From this, $359.3m came from its online casino products – a rise of 13%. 888sport also saw a healthy increase in revenue – up 12% – to $90m. However, 888’s business to business products and services didn’t fare so well. Their revenue was down by an alarming 41% to only $29.8m. The remaining revenue was made up from its poker and bingo products, among others.
Overall, there was a 22% increase in customer acquisition for the year, which equates to more than one million new players signing up. 888 witnessed strong growth in the UK. This was its best-performing market with a total revenue of $204.1m – a rise of 20% from the previous year.
Despite record-high revenues, 888 suffered a decrease in profits, which adjusted prior to tax stood at $53.2m – a drop of 39%. The CEO of 888 Holdings, Itai Pazner, explained that despite increased gaming duties and challenges in several global markets, 888 had delivered these results because of a combination of technology, compliance, and diversification.
888 also reported a spike in online poker and casino activity during the coronavirus lockdown, with revenue up by 18% (year-to-date) compared to the first quarter of 2018.
Powerful Brands
888 launched its first online casino (Casino On Net) in 1997, and since then, it has gone from strength to strength. It now operates 888casino, 888games, 777.com, and 888 Live Casino, which is one of its fastest-growing verticals in this sector.
888poker boasts more than 10 million players, making it one of the largest independent poker sites on the web. With the latest cutting-edge software and a strong emphasis on mobile poker, this product remains an integral part of the company’s growth strategy. The same can be said for 888sport. It was launched 11 years after Casino On Net, but it’s now become one of the leading sports betting platforms in the UK and Europe.
With 888Ladies, Costa Bingo, Wink Bingo, Red Bus Bingo, Posh Bingo, and Tasty Bingo, 888 Holdings owns many of the top brands in this niche. As the online bingo market continues to grow, these sites will generate increased revenue for 888 in the years to come.
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