888 Holdings experienced a 7% decline in revenue for the third quarter of 2022 compared to the same period last year, reaching £449 million (approximately $509.4 million USD). The firm attributed this decrease to more stringent online gambler protection regulations in the United Kingdom, coupled with its withdrawal from the Netherlands market. 888 Holdings possesses well-known gaming brands such as 888, William Hill, Mr Green, and SI Sportsbook.
Despite a three-day shutdown due to a national mourning period and the rescheduling of certain athletic competitions, in-person revenue remained stable at £124 million, mirroring the corresponding timeframe last year.
Excluding the UK and Netherlands, digital revenue actually stayed consistent year-over-year at £325 million, although it did signify a 10% reduction when contrasted with the prior year’s results.
888 Chief Executive Officer Itai Pazner conveyed his contentment with the company’s advancements, remarking, “Subsequent to the finalization of our transformative merger with William Hill, I am delighted to announce that during Q3 our team sustained swift progress in amalgamating these two industry-leading and highly synergistic enterprises.”
Pazner elaborated that this integration empowers the company to transition towards a novel and enhanced operational framework, while simultaneously realizing cost-reduction synergies that will positively impact their adjusted EBITDA margin for the latter half of the year.
Income patterns from recent quarters persisted into the third quarter. Our primary global markets and wagering operations remained relatively consistent. Nevertheless, our United Kingdom digital revenue continues to be impacted by the robust responsible gaming measures we enacted. We are adjusting our strategy in the UK to prioritize players with lower spending habits who are more engaged with the entertainment aspect. We are confident this approach will yield sustained success in the UK market.”
Pazner continued, looking towards the future, “Going forward, we are sharply focused on seamless integration, effective execution, and debt reduction. This will enable us to realize the vast potential of our enlarged enterprise.”
“We are constructing a formidable company. One that utilizes our advanced technology and top-tier brand collection to become a worldwide frontrunner in the gaming and leisure sector. We possess a defined roadmap to capture additional market share and enhance profitability in some of the planet’s most dynamic markets.”