888 Holdings reported record year

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Peter Brandt January 24, 2023

In the past 2021 financial year, 888 Holdings was able to achieve a new record turnover. This emerges from the final financial report of the gambling group. Despite a stagnating fourth quarter, the group of companies could make considerable profits. The total income would have amounted to around $ 934 million.

The entry into force of the new Gaming State Treaty made 888 Holdings with major problems last year. ((©Scott Graham/Unsplash)

Eventful year for 888 Holdings

The year 2021 was peppered for 888 Holdings with memorable events. One of them still accompanies the group in the new year. As can be seen from the published financial report, the Purchase of William Hill’s assets Outside the United States shortly before the end. The takeover process should be ended in the past year, but regulatory and bureaucratic hurdles have slowed the entire processing.

One of these hurdles was the publication of the current financial status, which is legally specified. After analyzing the numbers, 888 Holdings looks back on a very successful year, which gave the group a record turnover. The total income is overall 14 percent to $ 934 million gone up.

Air upward. The record year 2021 was possible by expanding the business areas in several areas. Nevertheless, there would still be room for the outstanding results. For example, the group had to deal with challenges, especially on the American gaming market, which was due to the introduction of new legislation.

For the good financial result, the particularly Expansion into regulated gaming markets were responsible. Around 74 percent of the total income would go back to the development of new markets. USA, Portugal, Romanians and Great Britain would have achieved particularly good results.

Difficulties through Gaming State Treaty

According to the financial report, 2021 was not consistently positive for 888 Holdings. The quarter in particular prepared the group of headaches. The sales are compared to the same period last year declined by 16 percent. A total of $ 214 million was taken-significantly less than the 255 million USD from the fourth quarter of 2020. The American gaming market played a not unimportant role.

Since July 1, 2021, a new gambling law has been in the Federal Republic, which is based on the Gaming State Treaty (GlüStV). This was worked out and approved by all prime ministers. The new legal framework has that Online gambling game legalized for private providers, regulates the market However, in the same breath with hard hand.

Industry representatives are confronted with official and bureaucratic obligations that result in a restrictive effect. In the financial report, 888 Holdings indicates that above all tax challenges are responsible for the decline in sales in USA.

Withdrawal from the Netherlands. USA is the largest and most important gaming market in Europe – in contrast to the Netherlands. The neighboring state of the Federal Republic also changed its legal statutes last year and installed a restrictive gait. The changeover was reason enough for 888 holding to withdraw from the Dutch gaming market.

What does the future have in store?

The economic results from the 2021 financial year would reflect the development that 888 Holdings hoped for. So the gaming company intends to increasingly to focus on the online division. With an increase of 24 percent Igaming, the core business is now formed. In contrast, sports betting only rose by four percent.

In the future, the situation on the American gaming market is to be improved and optimized. The company’s internal sports betting brand Qasrabah Be already operational and have met all bureaucratic requirements. At the same time the group hopes High income from William Hill. With three billion US dollars, the investment on victories is condemned.

Deal with RB Leipzig. Since the 18th matchday of the Bundesliga, 888Sport has been the official sponsor of RB Leipzig. With the deal, the sports betting brand has secured exclusive rights that are associated with the embedding of the association’s digital infrastructure. Among other things, advertising measures are planned on the homepage and in direct stadium environment. The logo of 888sport is shown on the LED gangs in the Red Bull Arena. In addition, the bookmaker will host the club’s own betting game, which takes place on every match day.

Last but not least, the commitment on the US market should bear the first fruits in the near future. Through the Cooperation with “Sports Illustrated” I already have 888 Holdings a foot in the door. The brand is considered extremely renowned in the United States sports segment and also acts as a bookmaker. For 2021, it is planned to expand the common partnership, which is supposed to have a stronger presence on the US gambling market.