888 hails product leadership as William Hill transformation looms
888 Holdings cites confidence in achieving its full-year 2021 financial objectives, as the FTSE250 group readies its business for a transformative end-of-year trading period finalising its acquisition of William Hill Plc.
Publishing its Q3 trading statement, 888 maintains its strong trading momentum against tough period comparatives, reporting group revenues of $230 million up 7% on 2020 corresponding results of $216 million.
Period growth was maintained by 888’s B2C Gaming unit registering an 11% uplift in revenues to $194 million (Q3 2020: $175m).
Gaming growth helped offset a 15% decline in B2C Betting revenues of $27 million (Q3 2020: $32m) – as 888Sports was matched against a peak comparative period benefitting from COVID-19 adjustments to the sporting calendar.
888 underlines continued progress for its sportsbook unit, citing that ‘Compared to Q3 2019 results, B2C Betting revenue increased by 21%’.
Group highlights saw 888 praise its ‘product leadership’ that launched ‘more than 150 new casino games, including several in-house developed titles’ during the trading period.
888 cited its platform upgrades and execution of AI technology upgrades as key factors that helped the FTSE firm continue to achieve % share gains in the regulated markets of the UK, Italy, Spain and Romania.
Providing a Q4 update, 888 confirmed that it had ceased its Dutch player services, observing the policy changes of Dutch regulator Kansspelautoriteit (KSA) as the operator awaits its KOA Regime licensing approval.
The group forecasts that its temporary Dutch closure will impact its 2022 EBITDA by approximately $10 million, dependent on outcomes.
Itai Pazner, CEO of 888, commented: “Q3 2021 was a period of outstanding strategic progress for 888. During the period we announced the transformational acquisition of William Hill International, successfully launched SI Sportsbook in the US, and began operating 888sport under a new licence in Germany as we continued to execute our plan to build a global online betting and gaming leader.
“This performance reflects the continued success of our data-driven investments and execution against our product-leadership plan that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products.
“Underpinned by our advanced technology, leading products, and strong brands, as well as the increased scale, talent and diversification that the Group will benefit from as a result of its combination with William Hill International, we have a very exciting platform for long-term growth.”