888 Holdings has published its financial results for the first half of 2022, a period in which the company's revenues reached 392 million euros with a year-on-year decrease of 13%, since in the same period of 2021 revenues were 450 millions of euros.
As explained by 888 Holdings, the decrease in revenue is mainly due to gaming policies in the United Kingdom and the closure of the Dutch market. In this way, by not considering the data of these countries, the company's income actually increases by 2%.
In its report, 888 clarifies that the data reflects only 888 and does not include those related to the acquisition of William Hill's international (non-US) business completed on July 1, 2022.
The report highlights the following key strategic aspects:
- The acquisition of William Hill was completed on July 1, 2022, creating one of the world's leading online gaming and betting companies. Increasing the mix of regulated and taxed income to 85%, and provides a platform for strong future growth
- Completion of the strategic sale of B2C and B2B bingo operations for total revenues of €43.7 million, allowing the group to increase its focus on its core betting and gaming platform
- Expansion into attractive growing regulated markets such as Virginia, Michigan, Ontario.
- Strategic investment in 888AFRICA, creating a long-term growth platform for regulated African markets
- Significant reinforcement of the Group's brand portfolio with the addition of the iconic William Hill brand, as well as the popular Mr. Green brand.
- Launch of the Control Center in Italy, a more transparent view of your game through intuitively presented real-time data and easy access to a range of more secure gaming tools.
Regarding financial data, the group highlights:
- Revenue of €392 million (-13%), with the majority of the business seeing relatively flat revenue, offset by declines in the UK (-25%) reflecting the implementation of safer and stricter gaming policies, and the Closure of the Netherlands. Excluding the UK and the Netherlands, revenue increased 2%
- Adjusted EBITDA of €59 million (2021: €83.08 million)
After analyzing the results obtained, Itai Pazner, CEO of 888, commented: “The Group's financial performance in the period primarily reflects market conditions in the UK. However, we believe the proactive actions we have taken to increase player protections and drive higher standards of player safety have put the Group in an even stronger position for the future”.
“In the second half of 2022, our main focus is on integration, delivering on our synergy plans, and driving higher profitability across the business,” he added.
FULL REPORT (PDF)
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