The gaming behemoth 888 Holdings, known for its ownership of brands such as William Hill and Mr Green, experienced a minor revenue decline in 2022, generating £1.85 billion (approximately $2.26 billion). This signifies a 3% reduction compared to their 2021 earnings.
The corporation attributed this shift to a few primary drivers. Their digital revenue encountered a setback, plummeting by 15% to £1.33 billion. This was partially a result of 888’s deliberate choice to enforce more stringent safety protocols for their UK patrons, in addition to the cessation of their activities in the Netherlands.
Nevertheless, it wasn’t entirely negative. Their brick-and-mortar betting establishments actually witnessed a substantial surge, with revenue soaring by 54% to £519 million. This demonstrates a return to stability following the pandemic-related disruptions of 2021.
Focusing on the final quarter of 2022, 888 generated £458 million, which aligned with their internal forecasts but still reflected a 3% year-over-year decrease. Once again, while their online revenue sustained a downturn (by 5% to £326 million), their retail segment remained robust with a 5% upswing, reaching £131 million.
This development coincides with the announcement of their CFO’s departure. Despite the marginal revenue dip, 888 asserts that their overall performance remains consistent with their anticipations.
The head of 888, Itai Pazner, gave his perspective on the firm’s fiscal results: “Our staff accomplished substantial headway in the final quarter of 2022, integrating the two enterprises, which enhance each other remarkably well. We’ve already commenced transitioning Mr Green onto our worldwide technological framework, adhering to the strategic course we delineated at our recent Capital Markets Day.
“Q4 earnings demonstrate sustained robustness in physical locations, with an exceptional showing digitally. As we’ve stated previously, UK digital income continues to be affected by the evolving regulatory environment, including the continuing influence of reinforced user protection protocols. Nevertheless, I’m certain we’re constructing a durable, top-tier enterprise for the years ahead.”
888 also declared an alteration to its Board of Directors. Yariv Dafna will be relinquishing his position as CFO and Executive Director on March 31, 2023. The quest for his successor has already commenced.
Remarking on the board transition, Pazner stated: “The Board and I desire to express gratitude to Yariv for his input to 888, encompassing his pivotal part in finalizing our transformative union with William Hill and spearheading the recent prosperous refinancing of 888’s external obligations.
“On behalf of everyone at 888, I extend my best wishes for success in his future pursuits.”
