Russell Pointon, Director at Edison Group, comments: “This is a strong set of results from 888 Holdings, with group revenue up by 15% to reach record heights of $980.1 million. Revenue from the group’s core markets – including UK, Italy and Spain – rose by 18%, while growth markets saw an increase of 26%. B2C revenue grew by 15.7%.
However, the comparative periods strengthened throughout the year, culminating in a decline of 4% in H2. Q4 in particular saw an overall decline in B2C revenue of 14%. Nonetheless, momentum was regained in the first two months of 2022, with average daily revenues up mid-single digits in relation to Q421.
Investor focus will fall onto the strategic development of the company in the upcoming twelve months, including the acquisition of William Hill which is expected to complete in Q2. This will almost triple the size of the group and will likely be a cornerstone of the group’s future performance, with management anticipating attractive returns. Investors will also keep a close eye on the sale of 888’s Bingo Business for up to $50m, as well as the impact of increased investment into the in-house studio Section8.
888 Holdings is facing several potential headwinds within the UK, including the impact of a substantial £9.4m fine, upcoming regulatory changes and the cost-of-living increase. However, these results reflect good global performance and place them in good stead for the year ahead.”