Gambling firm 888 posts revenue rise even as lockdown boost wears off

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FILE PHOTO: Gambling dice and chips are seen on the keyboard in this illustration picture

-British gambling firm 888 reported a 7% rise in third-quarter revenue on Tuesday, saying its expansion efforts helped it perform even better than the strong results it posted last year when pandemic curbs boosted online volumes.

The company’s total revenue climbed to $229.9 million in the three months to September, thanks mainly to its gaming business that helped offset a 15% slide in business-to-consumer betting revenue.

Betting eased from a year earlier when the sporting calendar was more packed as events resumed after initial lockdowns, online-focussed 888 said.

Gambling firms have profited from record online volumes as a closure of retail shops and a thirst for new entertainment options during COVID-19 lockdowns brought more customers to betting apps and websites.

Amid the strong performance, 888 last month agreed its largest deal ever to buy William Hill’s non-U.S. assets.

The deal gives 888 access to William Hill’s two million active UK customers as well as its 1,400 betting shops.

(Reporting by Muvija M in Bengaluru; editing by Uttaresh.V)