(Alliance News) - 888 Holdings PLC on Wednesday reported a revenue increase in the first quarter, driven by growth in regulated markets.
The Gibraltar-based gambling firm said its first quarter performance was ahead of internal expectations, with total revenue up 66% to USD272.5 million from USD164.6 million a year ago, and up 56% at constant currency.
888 said business-to-consumer revenue in the quarter was up 67% year-on-year to USD262.8 million from USD156.9 million, and up 57% at constant currency. Business-to-business revenue increased by 27% to USD9.7 million from USD7.7 million a year prior, and rose 20% at constant currency.
The company said these increases were driven by "product-leadership strategy, long-term positive customer acquisition trends, and continued expansion in regulated markets."
"The strong momentum in 2020 has continued into the first quarter of 2021, with a new all-time-high for first time depositors and revenues, although year-on-year trends were partly inflated by the disruption to sporting events at the end of the prior year period, and increased demand for digital entertainment during this period across our main markets. We are particularly pleased with the strong performance of our new proprietary 888sport platform, which is already servicing the majority of bets while maintaining strong customer service levels and highly effective risk management and trading," said Chief Executive Itai Pazner.
Looking ahead at the remainder of 2021, 888 said it expects trends to be hurt by tougher comparators and the reopening of retail and leisure venues. It has guided for 2021 adjusted earnings before interest, tax, depreciation and amortisation to be "broadly consistent" with 2020.
"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," said 888.
Shares in 888 Holdings were up 4.6% at 450.40 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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