888 online casino has recently posted an increase in their operating revenues for the year 2021 that can be hugely attributed to changes in regulations in the existing markets and a boost from the increased demand for online casinos during the pandemic.
The company also revealed a slight dip of shares in early trading while also confirming a decline in activity during last year’s final quarter. Additionally, 888 also reported that they experienced an increase in sales by 14% as compared to the previous year. This translates to about £ 714 million in increased revenue.
888 managed to achieve this level of growth despite experiencing a 16% drop in total revenue during the final quarter of the year. It said this slight drop was due to the relaxation of lockdown measures that had previously promoted the digital gambling and gaming industry.
The recent surge in revenues can also be attributed to its increased penetration into the US, as several states continue to relax their laws governing betting.
Last year, the Gibraltar-based company agreed on a £ 2.2 billion deal to purchase William Hill’s international arm that will give the betting giant its premier high street betting shops.
This move that is expected to be completed in this year’s second quarter shall give 888 control of over 1400 William Hill shops in the UK.
The chief executive officer of 888, Itai Pazner, said that 2021 was a fantastic year that enabled them to gain strategic progress as it allowed them to acquire part of William Hill International and also come to an agreement to sell their bingo business. He added that selling the bingo business shall help them concentrate on their US and business-to-consumer growth plans, and they strive to become a global market leader.
He later concluded by mentioning that the excellent performance boiled down to the success of their investments that are data-driven and also the delivery of small improvements in terms of the quality, usability, and safety of their gaming and sports betting products.