{"id":285393,"date":"2023-08-16T08:22:14","date_gmt":"2023-08-16T13:22:14","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=285393"},"modified":"2023-08-16T12:36:14","modified_gmt":"2023-08-16T17:36:14","slug":"888-holdings-sees-revenue-increase-but-still-faces-difficulties","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/","title":{"rendered":"888 Holdings Sees Revenue Increase, Still Faces Difficulties"},"content":{"rendered":"

Gaming operator 888 Holdings<\/a> has had a rough time since it bought William Hill’s non-US assets, with revenue not meeting expectations. That trend will likely continue, according to a new update, although the company sees improvements on the horizon.<\/p>\n

\"A
A person walks by a William Hill shop. The 888 Holdings company has helped its parent see more revenue, although there’s more work needed. (Image: Martin Lee via Getty Images)<\/figcaption><\/figure>\n

The latest financial update from 888 shows that it saw revenue growth of 165% across the first six months of the year. The final tally was $1.12 billion, with EBITDA (earnings before interest, taxes, depreciation, and amortization) jumping 211% to $198 million.<\/p>\n

However, after paying all of its requisite taxes, it reported a loss of around $42 million. For the first half of last year, it saw a profit of about $15 million.<\/p>\n

Mixed Markets Lead to Mixed Results<\/h2>\n

Despite experiencing a surge in retail revenue of 6%, the positive impact was countered by a substantial decline of 11% in online gaming<\/a> revenue. The setbacks can be attributed to elevated interest expenses, as well as borrowing and one-time expenditures stemming from the acquisition of William Hill<\/a>.<\/p>\n

\n

As a result, the overall revenue across the group witnessed a notable decrease of 7%. This dip could primarily be ascribed to regulatory alterations that impacted the online segment and a business approach centered on market orientation.<\/p>\n<\/div>\n

The company said in its update that it swiftly responded by adapting its business model, resulting in sales predominantly driven by local regulations and taxes, accounting for a substantial 95% of Q2 2023 revenue. In conjunction with this, the group’s pro forma adjusted EBITDA experienced a noteworthy growth of 9%, while the pro forma adjusted EBITDA margin concurrently expanded by 2.6%, reaching 17.7%.<\/p>\n

888 anticipates robust year-over-year growth in adjusted EBITDA for fiscal year 2023. It forecasts a notable upsurge in the adjusted EBITDA margin for the entire year, reaching a minimum of 20%, a considerable improvement from the 16.8% recorded in 2022.<\/p>\n

Part of this predicted improvement will come through William Hill’s operations. Where the online operator accounted for 14.1% of the UK market a year ago, it now owns 14.9%.<\/strong><\/p>\n

However, an increase in the customer base doesn’t necessarily mean an increase in revenue. William Hill’s data showed a slowdown in spending by bettors compared to last year.<\/p>\n

Accountability in Gibraltar<\/h2>\n

Gaming officials in Gibraltar say they will be scrutinizing the market more closely, and this is going to impact 888. Subsidiary Virtual Global Digital Services will pay a fine of $3.7 million because it didn’t properly adhere to Gibraltar’s Know Your Customer and anti-money-laundering policies.<\/p>\n

That’s a lot less than the $23.7 million 888 paid in the UK for similar failings. That fine led to the departure<\/a> of then-CEO Itai Pazner after 20 years with the company and the suspension of VIP betting accounts in the Middle East.<\/strong><\/p>\n

Despite the setbacks, the forecast financial improvements have buoyed 888’s shares. Although they experienced a sudden plummet to \u00a3105 (US$133) Wednesday morning on the London Stock Exchange, the latest information shows the company trading at \u00a3111 (US$141.24) at press time. This is the highest it’s been in the last six weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming operator 888 Holdings has had a rough time since it bought William Hill’s non-US assets, with revenue not meeting expectations. That trend will likely continue, according to a new update, although the company sees improvements on the horizon. The latest financial update from 888 shows that it saw revenue growth of 165% across the […]<\/p>\n","protected":false},"author":64,"featured_media":285392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[81903,82205,82142],"acf":[],"yoast_head":"\n888 Holdings Sees Revenue Increase, Still Faces Difficulties - Casino.org<\/title>\n<meta name=\"description\" content=\"888 Holdings sees revenue increase but still faces difficulties in a market that remains tough and is becoming tighter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"888 Holdings Sees Revenue Increase, Still Faces Difficulties - Casino.org\" \/>\n<meta property=\"og:description\" content=\"888 Holdings sees revenue increase but still faces difficulties in a market that remains tough and is becoming tighter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-16T13:22:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-16T17:36:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/A-person-walks-by-a-William-Hill-shop.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1338\" \/>\n\t<meta property=\"og:image:height\" content=\"775\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erik Gibbs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erik Gibbs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/\",\"url\":\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/\",\"name\":\"888 Holdings Sees Revenue Increase, Still Faces Difficulties - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/A-person-walks-by-a-William-Hill-shop.jpg\",\"datePublished\":\"2023-08-16T13:22:14+00:00\",\"dateModified\":\"2023-08-16T17:36:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\"},\"description\":\"888 Holdings sees revenue increase but still faces difficulties in a market that remains tough and is becoming tighter.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/888-holdings-sees-revenue-increase-but-still-faces-difficulties\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/A-person-walks-by-a-William-Hill-shop.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/A-person-walks-by-a-William-Hill-shop.jpg\",\"width\":1338,\"height\":775,\"caption\":\"A person walks by a William Hill shop. 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