The gaming behemoth, 888 Holdings, parent company to renowned names like William Hill and Mr Green, experienced a slight revenue decrease of 3% in 2022, generating a total of £1.85 billion (equivalent to roughly $2.26 billion).
This disclosure coincides with the announcement of the company’s CFO’s departure. Despite the marginal decline, 888 affirmed that the outcomes aligned with their projections.
A closer examination of the figures reveals that online revenue suffered a 15% reduction, settling at £1.33 billion. This can be primarily attributed to two key elements: 888’s proactive measures to strengthen player protection protocols in the UK, and the shuttering of the Netherlands market.
Conversely, retail revenue witnessed a substantial 54% upswing, reaching £519 million. This positive shift was driven by a complete year of operations in 2022, a stark difference from 2021 when certain locations encountered temporary closures.
Concentrating on the final quarter of 2022, 888 declared revenue of £458 million, fulfilling their forecasts but nonetheless displaying a 3% year-over-year decrease. Retail sustained its robust performance, bringing in £131 million and signifying a 5% rise compared to the corresponding period in 2021.
Nevertheless, online revenue in Q4 2022 couldn’t evade the downward trajectory, shrinking by 5% to £326 million. While 888 observed solid results in various regulated markets, these gains were counterbalanced by the continuing effects of heightened player safety measures implemented within their UK online operations.
During 888’s latest earnings conference, Chief Executive Itai Pazner underscored the company’s advancements in unifying with William Hill. He stressed the rapid assimilation of the two entities, particularly the transition of Mr Green onto 888’s strong worldwide infrastructure. Pazner reaffirmed to stakeholders that 888 remains dedicated to the strategic course charted at a recent capital markets gathering.
He acknowledged the demanding regulatory landscape affecting the internet gaming industry in Britain, but conveyed optimism in 888’s capacity to weather these challenges and become a frontrunner in ethical gaming practices.
Furthermore, 888 revealed that Yariv Dafna, their Chief Financial Officer, will be departing at the close of March. The board has commenced the quest for his successor. Pazner expressed appreciation for Dafna’s contributions, particularly his pivotal part in the William Hill amalgamation and securing vital funding for 888. He wished Dafna success in his future pursuits.