888 is debating on leaving the German market altogether

21 Mar 2018

888Popular sportsbook and casino operator 888 Holdings is seriously contemplating on whether to stay or abandon the German market entirely. The reason is none other than the recent legislation changes in Germany that brought the bookmaker's annual revenue down to its knees. Although 888 announced a revenue increase compared to last year, its gross profit plummeted to $18.8 million in 2017, from 2016's $59.2 million. There are 2 main reasons for that, namely a hefty fine from UKGC for 888's ineffective customer support, as well as charges from a German VAT bill.

The situation as is, bans online and land-based gambling operators from providing their services in many German regions, such as Baden Württemberg, according to a German court's decision. The whole thing escalated even more when several payment providers decided to cut off hold deposits for bookmakers doing business in Germany. In the light of all these developments 888 is thinking of filing an appeal. The company is also evaluating whether staying in the market is actually worth it, or stepping away from it might prove to be a wiser call in the long run.

However unsatisfactory the German market might have proved to be for 888, the bookie has seen tremendous growth in Spain and Italy with annual revenue in 2017 advancing by 34% to each region respectively. Notably, the Spanish market's revenue increase contributes to an impressive 12% of the group's total revenue boost. The company has both its casino and sportsbook products to thank for that.

Growth numbers are impressive. Sportsbook revenue went from $51.9 million in 2016 to $75.7 million in 2017 boasting a 45% increase. In addition, casino revenue saw a 4% boost from $281.1 million in 2016 to $293.9 million in 2017. 888's CEO Itai Frieberger is overall very happy with the group's performance, demonstrating a 12% increase in adjusted EBITDA despite recent mishaps in the German market, and is looking very optimistic towards the future.

 

Why choose 888sport

Great Gamification & Features
  • Multi-licensed
  • More than 40 Sports
  • Card & Corner Bets
  • Asian Handicaps
  • Bet Builder
  • Live Streaming
  • 20+ Payment Options
  • Mobile Apps
Play now
100% up to $150
BOOK SPY
BOOK SPY BONUS REVIEW

Even though 888 started as a casino and poker site, in 2008, the sportsbook came into the light. Since then, the offering has been steadily improving. It has moved its business to Gibraltar and has become one of the most established brands. It has a clear white market strategy and focuses a lot on localization. It currently holds local licenses in countries with strict betting regulations, like Italy and Spain. In addition, it recently expanded to the US market with the launch of the SI sportsbook. The horse and greyhound sections are excellent, and you can utilize several features while betting. Nonetheless, there are some aspects I would like to see some enhancements. The site recently switched from the Kambi to an in-house built platform and faces the same problems as any new platform does. The number of markets offered, even for the top football events, has dropped considerably, especially compared to the competition. Also, there have been several instances where the Cash Out feature has been suspended for a long period. Finally, the withdrawal times are rather slow. Overall, 888sport is a site worth trusting and following.

Join and grab exclusive bonuses, daily offers and free bets!

Lay hands on exclusive daily bonuses for members only. These promos are limited and are not advertised on the website.

Yes, I have read the Terms & Conditions and I consent to receiving emails from Bookmakers.bet regarding betting promotions, betting guides and news.

BOOK SPY
UFC 294: Makhachev vs Volkanovski Odds & Preview Featured Image

One of the biggest UFC events of the year takes place on Saturday, October 21 at the Etihad Arena in Abu Dhabi. UFC 294, starting at 19.00 BST, featur...

Read more »

Premier League Clubs Get Closer To Bookmaker Sponsorship Ban Featured Image

The front of the shirts of Premier League clubs will no longer feature logos from bookmakers once an agreement is reached. The deal would prohibit fro...

Read more »

Betano Lands Giannis Antetokounmpo As Global Brand Ambassador Featured Image

NBA star Giannis Antetokounmpo has signed a contract with Betano, making him their first-ever global brand ambassador. The Milwaukee Bucks superstar, ...

Read more »

Bet365 Continue Their Weekly 6 Scores Challenge Game Featured Image

Sports betting industry leader Bet365 has partnered with Incentive Games, a renowned free-to-play provider, to continue their highly popular weekly 6 ...

Read more »

22bet Awarded EPL Jerseys To Five Lucky Bettors Featured Image

Five of 22bet’s Kenyan users have received English Premier League jerseys after successfully predicting the correct score of Manchester United v...

Read more »

Betting Preview And Odds For Formula 1 2023 Season Featured Image

On March 3-5, the 24th Bahrain Grand Prix will mark the return of Formula One for its first full weekend of the new 2023 season. Max Verstappen, who h...

Read more »

Bet-at-home To Use EveryMatrix’s Sports Betting Platform Featured Image

European bookmaker Bet-at-home has launched its new sports betting solution from EveryMatrix, replacing its present platform. EveryMatrix’s Odds...

Read more »

Stake.com Becomes Official Partner Of Alfa Romeo F1 Team Featured Image

The renowned crypto bookmaker Stake.com recently signed a deal with Alfa Romeo F1 Team to become their name sponsor. The partnership is going to stand...

Read more »

1xBet Issues Press Release To Shoot Down Allegations Featured Image

On 25/1/2023, 1xBet issued a press release to shoot down claims from a recent article, that came to light stating that the bookmaker is currently faci...

Read more »

Stake.com Pays Out On Arsenal As Premier League Champions Featured Image

The online sportsbook Stake.com has already paid out on outright bets on Arsenal to win the league, as they went onto 50 points after 19 games with a ...

Read more »

LATEST BOOKMAKER PROMOTIONS
bookmaker banner
bookmaker banner