888 Holdings experienced a 7% decline in revenue during the third quarter of 2022, generating a total of £449 million (equivalent to $509.4 million USD).
This gaming conglomerate, which possesses renowned brands such as 888, William Hill, Mr Green, and SI Sportsbook, ascribes this decrease to two principal causes: the United Kingdom’s enactment of more stringent safety protocols for digital gamblers and the shuttering of the Netherlands market.
Notably, their brick-and-mortar revenue remained constant at £1.24 billion, mirroring the prior year’s results. This consistency was maintained despite a three-day closure for a period of national remembrance and interruptions to athletic competitions.
Although online revenue, excluding the UK and Netherlands, held steady year-over-year, the overall digital sector witnessed a 10% reduction, reaching £325 million.
Itai Pazner, Chief Executive Officer of 888, conveyed his contentment with the company’s advancements: “Subsequent to our transformative merger with William Hill, I am pleased to announce that throughout Q3 our team sustained rapid progress in amalgamating these two industry-leading and highly synergistic enterprises.”
He underscored the company’s dedication to streamlining operations and attaining favorable financial outcomes: “This has empowered us to advance towards our desired operating framework while delivering on several ‘immediate’ synergies that will positively impact our adjusted EBITDA margin in the second half of 2023.”
Our income patterns from recent quarters persisted into the third quarter. We witnessed robust results in the majority of our global markets and in brick-and-mortar sales, but our digital revenue in Britain remains under pressure from the continuing initiatives to ensure gamblers are playing responsibly. To reverse this trend, we’re redirecting our attention in the UK toward customers who spend less but are more engaged with the entertainment value of gaming. We believe this strategy will yield positive results over time.
Looking forward, Pazner stated, “Our priorities continue to be seamless integration, effective implementation, and bolstering our financial standing. This will enable us to maximize the potential of our expanded, merged enterprise.”
“We are establishing a dominant force within the sector,” he elaborated. “We will capitalize on our advanced technology and renowned brands to become an international leader in gaming and entertainment. We possess a well-defined plan to elevate our market share and profitability in some of the world’s most dynamic markets.”