\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>\nHowever, 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>\nDespite 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":"\n
888 Holdings Sees Revenue Increase, Still Faces Difficulties - Casino.org<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n