Slowdown At 888 Holdings

Republished By Plato

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By Simon Wright Jan 13, 2023

888 Holdings the parent company of the online casino 888 and the British High Street Bookmaker William Hill, have posted a slowdown in revenues for the fourth quarter of 2022 and a total decline of 3% on the previous year.

2022 was a busy year for the group, which saw them complete the takeover of the international ( non US ) business of William Hill on the 1st July 2022. However, despite the fall in total group revenues, the results for 2022 were in line with the board’s expectations.

It was also announced that Chief Financial Officer Yariv Dafna will depart the company at the end of March 2023.

Commenting on the results and the impending departure of Dafna, 888 Holdings Chief Executive Officer Itai Pazner said: “The Board and I would like to thank Yariv for the contribution he has made to 888 including playing a crucial role in the completion of our transformational combination with William Hill and leading the recent successful financing of 888’s external debt.”

“On behalf of everyone at 888, I wish him the very the best in his future endeavours.”

“During the fourth quarter of 2022 our teams continued to make rapid progress in integrating these two highly complementary businesses, and have started the process to migrate Mr Green to our proprietary global tech stack, as we execute against our strategic roadmap that we outlined at our recent capital markets day.”

“Revenues during the fourth quarter saw continued strong trading in retail, and a robust performance online. As previously discussed, we continue to see pressure on our UK online revenues from regulatory change including the ongoing impact of the enhanced player safety measures, but I am confident we are building a sustainable leading business for the future.”

“As we look forward, we remain focused primarily on successful integration, execution and de-leveraging in order to unlock the potential from our enlarged business.”

Simon Wright has been both a player and an observer of the online casino industry for over 15 years. His knowledge of the online casino industry – to include sports is massive. Not many folks have the experience or his knowledge about online gambling. His adoration of football is also noted. He has painted his house blue (Chelsea) and annoys his neighbors with local football songs on game days.