888 Reports Strong Results for 2021
888 Holdings enjoyed a 15% year-on-year increase in revenues to $980.1 million for the year ended 31 December 2021.
The majority of the group revenue, 74%, came from regulated and taxed markets, and there was a 17% growth in revenue from these markets. The company has reported Adjusted EBITDA of $165 million for the year, a 6% increase from the previous year. Its gross profit came to $647 million, and profit before tax amounted to $81.3 million.
The group enjoyed many highlights in 2021, including the launch of 888sport in Germany on a local license, while the company also received licenses in Virginia and Ontario. At present, it is applying for a Dutch license.
2021 was a very successful year for 888 as we continued to position the group to become a global leader in online betting and gaming. 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.
Pazner went on to say that the group will continue to make the most of its competitive advantages to improve the quality of its products and the customer experience, all the while maintaining a "persistent focus" on safer gambling priorities.
Speaking about the future, Pazner added, "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."
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