888 revenue decline in the first half of the year

888 revenue decline in the first half of the year

Revenue for the six months ending in June of this year was 40% lower than in the prior-year period.

The majority of the business posted relatively stable revenues, but this was offset by declines in the UK, reflecting the implementation of more stringent safer gambling policies, and the closing of the Netherlands. Revenue was up 2% year-on-year without these two regions.

The decline in adjusted earnings was due to the continued investment in the US to support SI Sportsbook state launches, together with additional compliance related costs.

A decline in profit before tax was the main reason for the decrease.

The sale of B2C and B2B bingo operations, as well as the acquisition of William Hill, were all part of the strategic M&A that took place in July. The latter has allowed the group to increase its focus on its core betting and gaming platform, while the former has positioned the group as a top-three operator in the UK and Spain.

According to 888 CEO Itai Pazner, the merger with William Hill, which we concluded shortly after the period ended, completely changed the group and laid the groundwork for our ambitious expansion objectives.

The combination of two exceptional businesses creates one of the world’s leading online betting and gaming groups with superior scale, leading front-end and back-end technology, increased diversification across products, markets and channels, and a world class team.

Market conditions in the UK are the main reason for the group’s financial performance in the period. The organization is now in an even stronger position for the future, in our opinion, as a result of the proactive measures we have done to improve player safeguards and push for greater standards of player safety.

A 9% increase in revenue was reported by Flutter Entertainment for the six months ended June 30, 2022, compared to the prior-year period. The group reported revenue of £2.1 billion, a 19% increase from the prior-year period, and it followed the results from earlier this week.

Summary:

Revenue for the six months ending in June of this year was 40% lower than the same period in the previous year. The majority of the business posted stable revenues, but this was offset by declines in the UK and the closing of the Netherlands. Revenue was up 2% year-on-year without these two regions.