The gaming behemoth 888 Holdings, known for its brands like 888, William Hill, and Mr Green, experienced a 7% decline in revenue during the third quarter of 2022, reaching £449 million (approximately $509 million).
The firm attributed the decrease primarily to stricter safety measures for online bettors in the United Kingdom and the shutdown of the Netherlands market. Notably, retail revenue remained stable at £1.24 billion, even with closures related to a national time of remembrance.
Excluding the UK and Netherlands, online revenue suffered a 10% drop compared to the corresponding period last year, underscoring the significance of these crucial markets.
Despite these hurdles, 888’s CEO Itai Pazner expressed a hopeful outlook. He stressed the swift advancements in the William Hill merger, forming a formidable entity with complementary operations. This consolidation is anticipated to unleash “rapid victory” collaborations, ultimately enhancing profitability in the second half of the year.
The performance in quarter three aligns with projections derived from current trajectories. While our primary overseas sectors and physical wagering locations demonstrate resilience, our digital operations within the UK encounter persistent challenges, largely attributed to the sustained effects of heightened safeguards for participants. We are diligently adapting our UK clientele towards those who prioritize enjoyment over high expenditure, fostering optimism for the enduring viability of our UK enterprise.”
Pazner proceeded to delineate the company’s strategic course, asserting: “Moving forward, our objectives are unambiguous: consolidation, implementation, and debt reduction. This approach will empower us to fully harness the vast capabilities of our expanded operations.”
“We are cultivating a more robust and cohesive organization that capitalizes on our sector-leading technological advancements and globally recognized brands. This endeavor will solidify our position as a genuinely international frontrunner within the gaming and wagering domain. A well-defined strategy is in place to augment our market presence and financial gains within some of the globe’s most alluring sectors.”
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