888 Holdings reports 13% drop in H1 revenue for 2022
This can largely be attributed to its UK-based operations and William Hill acquisition.
888 Holdings has announced its half-year results, with revenue falling by 13% to $402.8m year-on-year. The main cause of this decline was UK-based operations which fell by 25%, reflecting the implementation of stringent safe gambling policies.
The closure of the Netherlands-based operations also impacted fiscal results. Excluding the UK and Netherlands, 888’s revenue was up 2% from H1 of 2021.
Adjusted basic earnings per share dropped to 7.5p (9.1 cents) from 9.9p in 2021, with this year-on-year decline reflecting the adjusted EBITDA annual decrease to $61m from $85.3m. This decline was largely attributable to a capital raise in April 2022 which partially funded the acquisition of William Hill.
William Hill, a UK-based gambling powerhouse was purchased from Caesars Entertainment on 1 July 2022. 888 also opened a sportsbook in Virginia and secured market access to Michigan, with launch plans for the second half of this year. Other developments in North American operations included the online launch of 888.ca in Ontario.
Retail results looked far more favorable than 888 Holdings’ online showings. Retail revenue fell only by 1% which substantially offset the 21% annual decline in online revenue. Adjusted EBITDA for retail rose to $172.7m from 2021’s H1 of $136.8m. This improvement was driven by post-pandemic retail reopening.
888 Holdings CEO Itai Pazner commented: “The combination with William Hill, which we completed soon after the period end, transformed the company and created strong foundations to support our ambitious growth plans.
“Financial performance in the period primarily reflects market conditions in the UK. However, we believe our proactive actions have put us in a stronger position for the future. In the second half of 2022, our main focus is on integration, delivering on our synergy plans, and driving higher profitability across the business.”
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