Gambling firm 888 triples profits as online demand stays strong
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Gambling giant 888 has tripled its profits for the past year as online casino demand remained strong following the pandemic.
Itai Pazner, chief executive officer of the firm, hailed 2021 as a “very successful year” for the company.
The group, which bought William Hill’s European business last year, said it has been buoyed by 18% revenue growth across its core European markets – the UK, Italy and Spain – in 2021.
888 is among gambling and gaming companies to benefit from a shift towards online platforms after physical stores were forced to shut their doors in the face of lockdown measures over the past two years.
The London-listed group revealed that pre-tax profits lifted by 205% to 81.3 million dollars (£61.8 million) in 2021, compared to the previous year, as demand continued and costs settled.
It also highlighted strong increases in sales across its growth markets, which include Canada, Ireland and Romania, as it also revealed plans to grow into new markets over the next year.
Mr Pazner said: “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.
“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.”
It comes a week after 888 was fined £9.4 million by the Gambling Commission over a number of failings which resulted in customers amassing heavy losses during the Covid pandemic.
