In terms of revenue, 888 expects to make a 10% loss, with Q3 2023 totalling £157.2m ($191.8m) against Q3 2022’s £174.4m. This loss comes from a drop in both 888’s betting and gaming revenue, with its betting revenue falling 17% to £54.4m and its gaming revenue dropping by 5% to £102.8m.
Additionally, its sportsbook stakes have suffered a 10% fall, too. For Q3 2023, the stakes totalled £607m – which is down from the £674.5m in Q3 2022.
However, 888 does expect its active players to grow to 1,186 in Q3 2023, up from 1,014 in Q3 2022 – a 17% rise.
For the year so far, 888’s revenue is down on 2022, with its £493m year-to-date sum 10% lower than the £545.2m it recorded during the same period for 2022.
The largest drop came in its gaming revenue for 2023, with 888’s gaming division falling to £302.4m – representing an 11% fall.
Furthermore, its betting division also saw a yearly loss compared to 2022, recording a 7% fall totalling £190.6m.
The results come soon after 888 recruited Per Widerström to be its new CEO. Speaking as part of the trading update, Widerström commented on his new role and his plans for improvement: "I am very excited to have joined the 888 Group as the new CEO. I have already been struck by the strength of the group's assets and its clear potential, as well as the ambition of our team.
I am happy to note that despite the regulatory challenges the group has faced this year, the hard work by the team is already showing signs of results meaning that we head towards the end of the year with positive momentum and well placed to grow in the coming years.
“This is a business with a very strong foundation for profitable growth. But there are clearly also several areas for improvement which we will focus on to unlock our full potential and drive value creation. I am looking forward to working closely with our fantastic people in the group, the talented executive team and the Board to ensure we are in the best possible position to deliver our plans and maximise value creation."
