888 Holdings posts 13% H1 revenue decline

Home » 888 Holdings posts 13% H1 revenue decline

For the six months ending 30 June 2022, 888 Holdings reported revenue of £332.1m ($404.3m), a 13% decrease from the previous year.
The majority of the company’s revenue was relatively stable, according to 888, but this was offset by declines in the UK – reflecting the implementation of more stringent safer gambling policies – and the closure of the Netherlands. Revenue was up 2% year on year excluding these two regions.
Adjusted EBITDA was £50 million, a 29% decrease year on year, with the adjusted EBITDA margin lower due to “continued investment in the US to support SI Sportsbook state launches, as well as additional compliance related costs.”

Profit before tax fell 66% year on year to £14.4 million.

In terms of strategic M&A, 888 had a busy month in July 2022, with the acquisition of William Hill and the sale of B2C and B2B bingo operations. The former has elevated the group to the top three operators in the United Kingdom and Spain, while the latter has allowed the group to refocus on its core betting and gaming platform.

“The merger with William Hill, which we completed shortly after the end of the period, transformed the group and created very strong foundations to support our ambitious growth plans,” said 888 CEO Itai Pazner.

“With superior scale, leading front-end and back-end technology, increased diversification across products, markets, and channels, and a world-class team, this combination of two exceptional and complementary businesses creates one of the world’s leading online betting and gaming groups.”

“The group’s financial performance during the period was primarily influenced by market conditions in the United Kingdom.” However, we believe that the proactive steps we’ve taken to strengthen player protections and drive higher standards of player safety have put the group in an even stronger position for the future.”

Flutter Entertainment reported revenue of £3.38 billion for the six months ended 30 June 2022, a 9% increase over the previous year. It comes on the heels of Entain’s H1 2022 results, which showed revenue of £2.1 billion, a 19% increase over the previous year.

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