888 eyes look back at year-over-year revenue growth in H2 2022
888 had praised its performance in major regulated markets, as well as that of its casino division, providing plenty of optimism after “another busy time” to start 2022, despite recording a series of year-on-year declines. the other.
Group-wide revenue closed the three-month period ending March 31 down 18% year-on-year to $224 million (2021: $273 million) due to service shutdowns in the Netherlands and a decline in revenue per asset which was said to be “driven by the increased focus on safer gaming”. Average monthly activity fell by 8%.
Revenue rose one percentage point from the $222 million recorded in the final quarter of last year, which the group said was mainly attributed to a 4% growth in assets.
Major regulated markets are reported to be delivering “a solid performance”, with sequential growth in Italy in addition to year-on-year increases in the United States, Romania and Portugal, all cited.
This offset a larger annual decline in the UK due to the effects of market-wide trends, including the impact of increased player restrictions.
“The start of 2022 was another busy period of progress for 888. We launched in Michigan and Ontario, with Virginia expected to follow in May,” commented Itai PaznerCEO of 888.
“After reviewing the terms of the transaction to William Hill and completed an equity investment to partially fund the deal, we are on track to close in June and continue to execute on our plan to build a global leader in online betting and gaming.
“Along with these important strategic milestones, Q1 2022 revenue was slightly ahead of Q4 2021, as we previously announced.”
B2C revenue fell 18% year-over-year to $215m (2021: $263m), with 888’s games sub-segment closing at $191m, down 14% from 221 millions of dollars.
Gaming, the operator claimed, continues to be casino-driven, with new game launches, a focus on improving user experience and AI-powered personalization.
Bets, which closed 42% lower at $24m (2021: $42m), were impacted by the aforementioned temporary shutdown in the Netherlands as well as a string of record market performances over the of the previous year.
B2B revenue was down 6% to $9 million, primarily due to strong comparisons in the bingo segment and tougher market conditions in the UK. The American activity would record annual growth driven by a launch in Pennsylvania.
“I am pleased with the group’s progress and we look forward to returning to year-over-year revenue growth in the second half of the year as we benefit from new launches in other US states, as well as our hope of relaunching in the Netherlands and ramping up our recent launch in Ontario,” concluded Pazner.