888 Holdings reports 7% decline in Q3 revenue
888 Holdings has reported revenue of £449m ($509.4m) for the third quarter of 2022, a 7% decline from the prior-year period.
The company, which owns brands such as 888, William Hill, Mr Green and SI Sportsbook, noted that the decline was primarily driven by enhanced UK online player safety measures and the closure of the Netherlands.
Retail revenue amounted to £124m for the period, which was flat year-over-year, remaining stable despite three days of temporary closures along with sporting fixture cancellations during the recent period of national mourning.
Online revenue declined 10% year-over-year to £325m, with online revenue excluding the UK and Netherlands remaining flat year-over-year.
“Having completed our transformational combination with William Hill, I am pleased to report that during Q3 our teams continued to make rapid progress in integrating these two market-leading and highly complementary businesses,” said 888 CEO Itai Pazner.
“This has enabled us to progress towards our new target operating model, while delivering a series of ‘quick win’ synergies, that will benefit our adjusted EBITDA margin for the second half of this year.
“Revenues during the third quarter continued the trends we have seen in recent quarters, with relatively resilient trading across our main international markets and in our retail estate, but continued pressure on our UK online revenues in light of the ongoing impact of the enhanced player safety measures. We are changing the mix of our business to a lower spending, more recreational player base that gives us confidence in the long-term potential for our UK business.”
Pazner also looked to the future, saying: “As we look forward, we remain focused primarily on successful integration, execution and de-leveraging in order to unlock the huge potential from our enlarged business.
“We are building a stronger group that will leverage our leading technologies and portfolio of world-class brands to create a leading global betting and gaming company, with clear plans to grow market share and profitability in some of the most attractive markets in the world.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
