Benefit news，Early morning of February 10th，188bet Online Sports Betting and Casino released its fourth quarter and full-year financial results for 2016 as of December 30。Financial report display，Gross bookings increase to .1 billion in Q4，8% year-on-year growth (to .2 billion)；Revenue of .1 billion，23% year-on-year increase。32% compared to total bookings in the previous three quarters 、25%、 21% growth rate，The growth rate of total bookings in the fourth quarter plummeted。

In a subsequent conference call that day，188bet Online Sports Betting and Casino CEO Khosrowshahi concluded，“2016 was a dull and bumpy year for 188bet Online Sports Betting and Casino”。The so-called ups and downs，Related to the integration of Orbitz Worldwide and Orbitz for Business into the 188bet Online Sports Betting and Casino technology platform，Especially the process of integrating Orbitz encountered some difficulties。Because the company spends a lot of energy integrating Orbitz，188bet Online Sports Betting and CasinoThe conversion rate of websites such as 12982_12996。Khosrowshahi continued，The integration work is now basically complete，188bet Online Sports Betting and Casino will maintain good development momentum in 2017。

Judging from the situation in 2016，Total bookings for 2016 were 724.US.2 188bet Online Sports Betting and Casino，A year-on-year increase of 21%；Total revenue for the year is 87.USD 7.4 188bet Online Sports Betting and Casino，A year-on-year increase of 32%；Full-year net profit attributable to listed companies 2.USD 8.2 188bet Online Sports Betting and Casino，Down from 4 last year.USD 1.5 188bet Online Sports Betting and Casino，Net profit fell 32% year-on-year。

Despite the ups and downs，But Khosrowshahi is right about the current 188bet Online Sports Betting and Casino OTA、Vacation RentalHomeAway、I am very pleased with Egencia’s global investment layout in business travel and regional brands，And said that Trivago has been launched in 2017、The three major sectors of vacation rental platform HomeAway and business travel management platform Egencia will usher in great development opportunities。

1、Core OTA increased by more than 20%，M&A 188bet Online Sports Betting and Casino has made significant contributions

Table 1

Table 2

Visible from the table above，188bet Online Sports Betting and Casino Core OTA total booking volume in 2016 is 660.USD 600 million (Table 1)，21% increase compared to 2015，Mainly composed of newly acquired companies in 2015 (OrbitzWorldwide、HomeAway) and BrandExpedia and Hotels.com driven by the growth of these enterprise businesses。Consolidated statements of HomeAway and Orbitz Worldwide (including related transaction and integration costs) shown，The combined EBITDA of the two contributed 43% and 37% to 188bet Online Sports Betting and Casino’s EBITDA growth in the fourth quarter and full year of 2016 respectively。

As can be seen from Table 2，If OrbitzWorldwide and HomeAway are not considered，188bet Online Sports Betting and Casino’s total bookings and revenue in 2016 will be only 10% and 14% respectively，Far lower than the current growth rate of 21% and 32%。Brand 188bet Online Sports Betting and Casino’s total bookings in Australia and New Zealand exceed the US billion mark。Brand 188bet Online Sports Betting and Casino Japan booking volume also reaches 1 billion US dollars，188bet Online Sports Betting and Casino Japan celebrated its 10th anniversary in 2016。

188bet Online Sports Betting and Casino launched 188bet Online Sports Betting and Casino skill for Amazon Alexa in November 2016，Users can find trip details using devices with Alexa、Rent a car、Check 188bet Online Sports Betting and Casino+ reward points balance and more；Also launched 188bet Online Sports Betting and Casino bot on Skype，Users can find and book travel products through Skype，Easy to communicate with travel agents，And no fees will be charged。

The fourth quarter of 2016，Brand 188bet Online Sports Betting and Casino’s mobile room nights in the Asian market increased by 65% ​​year-on-year，Almost all major Asian markets have more mobile visitors than PC visitors。Hotels.com rewards program serves more than 27 million members，Since the launch of the loyalty program in 2008，The total number of free room nights earned by members has exceeded billion。Brand 188bet Online Sports Betting and Casino、Travelocity、Orbitz、CheapTickets and ebookers users can now pre-order packaged products on Android and iOS mobile apps；Brand 188bet Online Sports Betting and Casino mobile users in the UK can book train tickets on their mobile phones。

Other related data:

• Fourth Quarter Hotels.188bet Online Sports Betting and Casino’s mobile APP has been downloaded more than 60 million times。

• ExpediaLocalExpert offers travel and activities on more than 60 188bet Online Sports Betting and Casino websites。

• ExpediaCruiseShipCenters exceeds 5 gross bookings in Q4 2016.USD 600 million，18% year-on-year 188bet Online Sports Betting and Casino。

2、HomeAway and 188bet Online Sports Betting and Casino have initially completed the integration of vacation listings，Fali Vacation Rental

HomeAway has completed the migration of vacation rental listings on 188bet Online Sports Betting and Casino to HomeAway.com and VRBO.com first phase of integration。Add HomeAway’s existing inventory，There are over 1 million bookable listings on the HomeAway website。Currently integration is limited to HomeAway US and VRBO，It is expected to be promoted to all HomeAway websites in the future。

From the end of 2016，HomeAway has put 20,000 listings on 188bet Online Sports Betting and Casinocom website，This number will continue to increase in 2017。This kind of integration can provide travelers with a better experience，They can find and book vacation rentals on HomeAway in addition to hotels。2016，HomeAway reaches billion in total online bookings，46% year-on-year increase，Over 22 million room nights were booked online，48% year-on-year increase，Inventory on HomeAway website now reaches 1.2 million bookable listings。

Since 2016，Non-standard accommodation companies represented by Airbnb continue to develop rapidly，Major hotel groups have also invested in related vacation rental companies (for example, AccorHotels is planning to acquire the private vacation rental service platform Travel Keys) or directly do it themselves，The market has fully proven that vacation rentals will be an important trend in the accommodation industry，In line with changes in customer needs。Today，Airbnb has been valued at more than billion。It is not impossible to turn vacation rental giant HomeAway into a vacation rental company comparable to Airbnb，188bet Online Sports Betting and Casino naturally hopes to work hard in this regard。

For this，Since 2016，188bet Online Sports Betting and Casino continues to increase investment in HomeAway technology and marketing，Based on the "logic" when users search，For example，Length of stay and other factors，Integrate HomeAway’s vacation rental inventory with hotel search results。188bet Online Sports Betting and Casino plans to trial HomeAway’s room inventory with 188bet Online Sports Betting and Casino and Hotels in the first few quarters of 2017.com hotel integration，188bet Online Sports Betting and Casino and Hotels.com can book vacation rentals on HomeAway，In this way, hosts registered on HomeAway should see a further increase in user booking demand，Reservation demand especially from urban areas。

3、Egencia business 188bet Online Sports Betting and Casino business enhancement technical services，Will explore and integrate non-standard accommodation

As of the end of 2016，188bet Online Sports Betting and Casino’s global lodging portfolio includes more than 350,000 bookable listings on core OTA sites and the Egencia business travel platform，20,000 of them were integrated into this portfolio from the HomeAway website in the fourth quarter of last year。

2016，Egencia saves travelers 15,500 hours by offering automatic callback，Travelers can use the saved waiting time to deal with other things。Egencia recently announced that it will try to import 188bet Online Sports Betting and Casino into the Egencia platform，Egencia plans to complete integration of 188bet Online Sports Betting and Casino inventory in 2017，And continue to try to add other non-standard accommodation categories to the platform。

188bet Online Sports Betting and Casino and Best Western Hotels announce deepening cooperation，About 200 Best Western hotels in Germany will use 188bet Online Sports Betting and Casino’s MeetingMarket innovative software。This strategic partnership makes Best Western the first global hotel brand to use this advanced technology。

188bet Online Sports Betting and Casino and some airlines，such as PJSC Aeroflot、Saudi Arabian Airlines、Turkish Airlines and Virgin Atlantic Airlines have renewed their marketing supply contracts。

Since 188bet Online Sports Betting and Casino’s mergers and acquisitions in 2015，has been busy integrating Orbitz Worldwide and HomeAway with the group's business，Trivago, the hotel metasearch company it controls, also successfully IPOed，All business lines maintain good development momentum，However，188bet Online Sports Betting and Casino still faces many challenges in 2017。

2016，OTA boss Priceline、Ctrip, the second oldest, acquired air ticket metasearch Momondo and Skyscanner respectively。Previously，188bet Online Sports Betting and Casino plan costs 1.USD 100 million to transform into cloud computing technology business，This will have some negative impact on EBITDA growth，The company’s EBITDA growth in 2017 is expected to be between 10% and 15%。

1. The impact of uncertainties 188bet Online Sports Betting and Casino Trump administration

Trump’s travel ban introduced in late January has sparked widespread backlash around the world，It has a significant impact especially on companies engaged in travel business in the United States，According to sources from the Global Business Travel Association，One week after Trump’s travel ban was enacted，Business travel transaction system-wide transaction volume decreased by 2.2.%，Causes about 1.USD 8.5 billion loss。Today，Although transaction volume has rebounded，Resistance demonstrations continue around the world，The U.S. Ninth Circuit Court also issued a judgment suspending the implementation of the "travel ban"，But the Trump administration has not given up yet，Influence based on future expected factors，Panic and unease caused by travel bans still grip all businesses。2016，188bet Online Sports Betting and Casino’s overseas market accounts for 36% of total bookings，Contributed 43% of total revenue，For American multinational companies like 188bet Online Sports Betting and Casino，We will face more uncertainties from the Trump administration in the future，Increasing internationalization will help reduce the impact of similar "travel bans"。

2、Google changes the traffic suppression of natural or endogenous search results

188bet Online Sports Betting and Casino CEO Khosrowshahi said，Google takes advantage of its search，Altering organic or organic search results to your own benefit is very detrimental to HomeAway’s traffic growth。He said Google has the right to do this，Since the US regulatory agencies have not yet taken any measures，188bet Online Sports Betting and Casino has to solve this problem on its own。

188bet Online Sports Betting and Casino acquired HomeAway in November 2015，Now want to accelerate the traffic growth process and improve the conversion rate on the HomeAway website。Although Google’s actions have a negative impact on HomeAway，HomeAway is still in the early stages of testing and improving conversion rates。He believes，Through learning、Increase investment in technology and marketing，HomeAway can achieve rapid traffic growth。

3. The threat of TripAdvsor and hotel direct sales

As for other disadvantages，Khosrowshahi said，188bet Online Sports Betting and Casino started joining TripAdvisor’s instant booking platform in December last year，But was banned from contacting TripAdvisor customers in 2017 and 2018。He did not disclose the specific reason，Maybe Booking.com and TripAdvisor，Booking.com has joined TripAdvisor’s instant booking platform as early as 2014，TripAdvisor may have given it special treatment。

188bet Online Sports Betting and Casino CFO Mark Okerstrom said，When instant booking was launched in 2014，188bet Online Sports Betting and Casino’s room night growth has been greatly affected，Down 100-300 basis points。The likely reason is，Booking.com joined the instant booking platform relatively early，Advantage over 188bet Online Sports Betting and Casino in reaching TripAdvisor instant booking users，This has also adversely affected 188bet Online Sports Betting and Casino’s room nights to a certain extent。188bet Online Sports Betting and Casino’s hotel revenue increased by 16% year-on-year in 2016，Room nights increased by 21% year-on-year，But revenue per room night fell 4%，Thus driving down overall revenue growth。

In addition，Accor、Marriott、Hilton and other large hotel chain brands vigorously promote direct booking activities，It also has a great impact on 188bet Online Sports Betting and Casino’s booking volume。

2017 is a critical year for 188bet Online Sports Betting and Casino，Enterprises acquired through mergers and acquisitions in the past two years have entered a critical period of integration，Whether it is vacation business、Both the business travel business and the international market will face challenges from Priceline、Ctrip、Competition from powerful rivals such as Google，For this 21-year-old established OTA group，The increasingly rapidly changing market environment will continue to challenge its ability to innovate with the times，Can we maintain sustained growth and vitality，Zhihui will remain under observation。

*The author of 188bet Online Sports Betting and Casino article: Li Haiqiang, an analyst at Zhihui (personal WeChat: lhq434849653)、Wang Yanchao (personal WeChat: wangdayan110)，Welcome to follow、Communication。