* FY revenue up 14% to $972 million
* Q4 revenue down 16%
(Recasts throughout; adds analysts comments, details, share
moves)
By Amna Karimi and Yadarisa Shabong
Jan 18 (Reuters) - British gambling group 888 raked
in record revenue last year as punters flocked to its online
casino games during the pandemic, yet growth slowed
significantly in the final quarter as countries lifted COVID-19
restrictions.
Like other gambling companies across the globe, 888 has
cashed in on record online interest as the closure of retail
stores and a thirst for entertainment options during lockdowns
lured more customers to betting apps and sites.
The online firm, which also offers poker games and sports
betting, said revenue for 2021 rose 14% to $972 million. But it
added that as COVID-19 curbs were lifted and policy changes in
the Netherlands led to its exit from that market, 888 posted a
16% fall in fourth-quarter revenue, in line with its
expectations.
Shares in the company fell as much as 3% before paring
losses to be down 0.8% by 0958 GMT.
Analysts believe the company's acquisition of William Hill
assets, which is expected to close in the second quarter, will
improve 888's earnings and share performance this year.
The company last year announced the purchase of William
Hill's businesses outside the United States from casino group
Caesars, propelling itself onto Britain's high streets
with 1,400 physical betting shops.
Dealmaking in the industry has picked up since the pandemic
as American gambling firms look to British counterparts for
their expertise in sports betting as the U.S. market opens up.
Last year 888 launched SI Sportsbook in Colorado ahead of
the National Football League (NFL) season, in partnership with
Sports Illustrated, with more states to follow.
Some analysts say, however, that 888's U.S. operations
remain too small to contribute meaningfully to its revenue at
present.
(Reporting by Amna Karimi, Muhammed Husain and Yadarisa Shabong
in Bengaluru; Editing by Rashmi Aich, Shounak Dasgupta and
Pravin Char)