On March 28th, 888 one of the world’s leading betting and gaming companies with internationally renowned brands including William Hill, 888, and Mr Green, announces the conclusion of its strategic review of US B2C operations.
As a result of this review, the Group has agreed to sell selected assets to Hard Rock Digital (“HRD”), completion of which is conditional upon, among other items, relevant regulatory approvals. It is expected that the sale will be completed in several phases, with final completion anticipated in Q4 2024.
The Group has initiated a controlled exit of its remaining US B2C operations, with the intention of fully ceasing operations by the end of 2024, subject to regulatory approvals and processes. The exit of US B2C operations is expected to realize a recurring annualized benefit to Adjusted EBITDA of approximately £25 million from 2025 onwards. The Group intends to reinvest approximately £10 million of these savings into growth and value creation initiatives.
The combined net impact of the sale and exit of US B2C operations were already incorporated into the financial targets that the Group announced on March 26th, 2024. The Group currently expects to incur net one-off cash costs of approximately £40 million in relation to the exit of the US, inclusive of the brand license termination fee already announced, with such payments occurring from 2024 until 2029.
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