888 Holdings Plc, a globally renowned online gambling and betting company, has posted its financial results for the first half of 2022, ending on June 30. According to the report, the company’s revenue reached £332.1 million ($403.5 million), which is a 13% YoY decrease as its 2021 H1 revenue was £380.9 million ($462.8 million).
The UK and the Netherlands Were the Main Reasons Why the Revenue Went Down
In its official report, 888 has noted that even though the business had “relatively stable revenues,” the new and safer gambling policies in the UK were the main reason why its overall revenue went down. The closure of the Dutch market also paid a role.
Additionally, 888 noted that if the UK and the Netherlands are excluded from the list, the revenue of the company is actually up 2%. Adjusted EBITDA reached £50 million ($60.75 million), which is a 29% decrease from the £70.3 million ($85.4 million) in H1 of 2021.
Profit before tax was £14.4 million ($17.5 million), which is a 66% YoY decrease. Adjusted profit before tax was also down 39% YoY as it reached £33 million ($40.1 million) and earnings per share dropped by 71% to £2.9 ($3.5).
However, the company also reported sportsbook improvements as it launched an easier-to-use bet slip and the debut of Perfect10 on SI Sportsbook. In the gaming area, 888 launched the first live slot game, Safari Riches Live, in partnership with Playtech.
In terms of customer excellence and safety, the company reported a 6% increase in customer satisfaction after it launched its AI virtual assistant, Amanda. It also enforced a safer gaming experience as the number of players that had limits in place increased 38% YoY on a global level.
888 Recently Purchased William Hill
888 started the second half of the year by acquiring William Hill, one of the world’s most renowned sportsbook brands. The acquisition was completed on July 1 and in an official report, 888 noted that there will be certain changes in the executive leadership team.
Itai Pazner was appointed as the company CEO, Yariv Dafna was named as the chief financial officer and Vaughan Lewis became the new chief strategy officer. Guy Cohen received the role as the chief operating officer and Naama Kushnir was appointed as chief transformation officer. Several other new changes were announced, however, Phil Walker remained the UK managing director.
The chair of 888, Lord Mendelsohn, stated that the combination of 888 and William Hill brings together two high-quality entities to create a new and powerful global betting experience. He also commented on the new appointments by saying that the team has the necessary quality and hence, he’s confident about the group’s future plans.