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
Bet $10 Get $30 in Free Bets + $10 Casino
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 markets 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 is 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

After a week off due to national team fixtures the English Premier League returns to action, and what a better way to do start matchday 9 than with th...

Read more »

Gambling can be traced in Germany all the way back to Roman times when soldiers were playing several forms of dice games. At some point after the intr...

Read more »

The UK Gambling Commission fined online betting operator Betway £408,915 for marketing on the kids’ section of the West Ham United Football Club...

Read more »

The 2021 report from the Malta Gaming Authority (MGA) has been released. The MGA generally took less regulatory actions, such as issuing fewer warning...

Read more »

The 2022 European Cricket Championships, held in Malaga, Spain, now have Stake.com as an official partner. The T10 competition, in which 21 national t...

Read more »

Just one week after an impressive 49-goal matchday 1, UEFA Champions League action is back. Among all the exciting events, the one that stands out the...

Read more »

LeoVegas Group, the renowned igaming operator, disclosed on Thursday that English Premier League giants Manchester City is the subject of a new partne...

Read more »

The moment football fans worldwide have been waiting for has finally come. The 2022-23 UEFA Champions League season is officially underway with 8 matc...

Read more »

After expanding into Colorado, their second active US state so far, Bet365‘s presence in the North American market has grown. Bettors in the Cen...

Read more »

The 2022 summer transfer window ends on the night of September 1st. As the deadline day is rapidly coming close, top European clubs are looking to sea...

Read more »

LATEST BOOKMAKER PROMOTIONS