Growth may have slowed for online gambling business 888 but there was enough evidence in its latest results to suggest the momentum built up during lockdown hasn’t entirely evaporated.
Like several of its peers, 888 benefited from having punters stuck at home with little to do during the pandemic, with online gambling one of several indoor activities to see a boost.
“People reaching for their phones or other electronic devices to play roulette or poker and bet on the Euro 2020 football tournament provided temporary catalysts for a flow of business,” said AJ Bell’s Russ Mould.
“Achieving growth in the remainder of the year could be a tough task for 888. The company believes it is up for the challenge given its investment in technology and strategy of having leading products.
“A commitment to ‘safer’ gambling demonstrates 888 has an eye on the threat posed by regulators amid growing awareness of the damage gambling can do.
“Where 888 has fallen a bit behind its rivals is on taking advantage of opportunities across the Atlantic as sports betting has been legalised across several US states.
“A partnership with media brand Sports Illustrated agreed in June doesn’t feel like it has the heft of the ventures other UK betting firms have agreed with heavyweight casino operators.”