20 Apr, 2022
888 declares First quarter sales in 2022 down 18%
The period's B2C sales was $215m, down 18% year over year, while B2B revenue fell 6% to $9m. There was a 14% drop in B2C gaming revenue, down to $191m, and a 42% drop in B2C betting revenue, down to $24m.
The company highlighted many achievements during the reporting year, including the introduction of WSOP in Michigan and the acquisition of an 888 licence in Ontario. The Made to Play master brand campaign, which unites all 888 companies under a single offer, was also launched in the UK, and progress was made on the acquisition of William Hill.
While the UK had a bigger year-over-year loss due to market-wide trends including tighter player limits, 888 observed that important regulated markets - the US, Romania, and Portugal - delivered a good performance.
According to 888 CEO Itai Pazner, "the beginning of 2022 has been another busy period of progress for 888." Launches in Michigan and Ontario are complete, and a rollout in Virginia is scheduled for May.
"Having revised the transaction terms for William Hill and completed an equity placing to part-fund the deal, we are on track to complete in June and continue to execute on our plan to build a global online betting and gaming leader."
Pazner continued, "In addition to these significant strategic milestones, revenue in Q1 2022 was slightly ahead of Q4 2021, as we previously reported. I'm happy with the team's performance so far, and we expect to see revenue growth again year-over-year in the second half of the year as we reap the rewards of new state launches in the United States, as well as the anticipated relaunch in the Netherlands and the expansion of our most recent launch in Ontario.
