The online gambling industry has reached a total market value of more than $65 billion last year, and it is expected to grow over $97 billion in the next four years. This strong growth of the digital gambling industry can be credited to the amazing and reliable services provided by the online casino platforms. One of the leading online gambling platforms is 888 Holdings. This London Stock Exchange-listed company has shown tremendous growth in the last few years. But, especially 2020 proved lucky for the company as it reported financial results for the year with increasing figures.
The Growth of 888 Holding in 2020
888 Holdings reported revenue of $849.7 million for the full year ended December 31, 2020. This is a 51.6% growth from the revenue of 2019, which was $560.30 million. The company is one of the oldest online casino providers on the internet, and its bard showed confidence that the company is likely to exceed all the previous numbers in 2021. It indicated strong growth in 2021 as the technology has diverted players from land-based casinos and bookmakers to the online casinos and betting platforms like 888 Holding offers.
The EBITDA revenue of the company increased by 69%, and according to the company, it is more than what they expected. Before we go ahead, let’s look at the current financial report of the company.
- The revenue of the company increased from 2019’s $560 million to $849 million in 2020 (51.6%)
- The revenue from B2C increased more than 53% with exponential growth in the company’s casino, sports betting, poker, and bingo platforms.
- Revenue generated from the regulated and taxed market has a role of 73% in the total revenue of the company.
- The group reported a growth of 69% in adjusted EBITDA with $155.6 million from $92 million in 2019.
- The report shows adjusted profit before tax with a growth of 118.2% in 2020 ($116 million) compared to the last year ($53.2 million). Adjusted net profit stands at $100.6 million with over 103% growth than 2019.
- Shareholders are to be paid 18 cents of dividend per share.
- 888 Holdings has a cash equivalent and cash of $190 million, which shows a strong balance sheet.
Why Did 888 Holdings Show an Incredible Growth?
Being one of the oldest and reliable service providers in the gambling industry has earned a lot of loyal customers to 888. In the last few years, the group has adopted new technologies and safe gambling approached. Plus, the diversification of its products, i.e., casinos, poker, sports, and bingo in the global market, has played a huge role in the continuous success of the company. They are the UK market leaders, offering a huge selection of games, with varying themes and exclusive games developed at their own in-house studio, from more than 1000 games Section8 studio has developed about 125 of them, making them one of the most exciting and complete online casino to play and enjoy gambling.
888 has embraced new safety features to ensure a safe gambling experience for the players. For instance, the recently launched Control Centre is a one-stop solution for the players to access safer gambling tools. This Control Centre allows the players to track their gambling activities in real-time. Plus, customers would be able to control their spending with Control Centre tools. The group is developing Observer technology which informs about the doubtful practices of the customers. This guarantees fair gameplay for all players.
Product Diversification and Strategies
In-House Sportsbook Platform
Casino, sport, bingo, and poker are the main products of the company. Last year, the launch of an in-house sportsbook platform in various markets changed 888sport for good. This new platform allows the company to control all aspects of sports betting plans. With this platform, the company will be able to transform and arrange features for the product that will boost growth in the future.
The poker platform of the group is one of the loved products among the customers. Recently 888 Holdings launched an all-new poker platform for mobile users named Poker8. This facilitates a faster and enriched gambling experience to the player worldwide. Poker players across the globe love this offering from the company. In addition, this product received several awards and wide recognized across the gambling industry.
New Casino Games
last year only, the group has added more than 700 new casino games. This
development in the game development has helped attract customers worldwide, and
it assuredly will help the company reach new heights in the future. The company
has an independent B2B division called Dragonfish that focuses on offering a
gaming platform and certified in multiple regulated jurisdictions to many global partners helping them to achieve their goals in online gaming.
The arrival of new customers has never stopped at the main four products of the company. Recently, they have reported 42% growth in the customer numbers with more than one and a half million newly added. With the mobile-friendly platform, more and more customers have shown interest.
What Does Future Hold for 888?
(The future of online gambling is promising)
2020 was a great year of 888 Holdings, and its CEO, Itai Pazner, is confident about the coming years as well. More changes will be brought to enhance the customer experience. More games, more safe gambling features, and new product-leading strategies are expected in the future. Its casino platform has more than 50% of dominance in the total revenue. However, its other products are likely to grow. For instance, its investment in New Jersey, US, has proved successful.
Along with B2C services, its B2B partnership with leading casino platforms will positively impact the results. Whether it’s a casino, poker, or sports platform, the company is trying to make a solid extension in the US and other parts of the world. In a nutshell, we can say that team at the company is working hard, and it has shown us the results this year. They are even more optimistic for 2021 and more years to come.