888 report revenue decrease

Tina Dimitrijevic October 18, 2023

888 has reported a 10 percent decrease in revenue down to £405 million in the third quarter.

The owner of William Hill’s UK and Ireland division has actually increased its active customer base by 17 percent yet still records a decline in revenue.

UK and Ireland division

According to 888, this is due to safer gambling measures, refined marketing and even customer-friendly results, especially in UK football.

Despite William Hill betting shops being similarly impacted by sporting results, however, the retail division still showed a 1 percent year-on-year increase in revenue.

This was accounted for due to investments in self-servicing betting terminals and gaming cabinets.

International division

888’s international division fell by even more, recording a 19 percent decrease. This was primarily due to ongoing compliance changes, particularly in the Middle East, with a slower recovery in revenue and customer activity than initially anticipated.

This was described by 888 as an “ongoing significant impact”, which prompted the company to suspend VIP activities in the Middle East in January over failures in its anti-money laundering processes.

888’s new CEO

Per Widerstrom has just this week taken up his new role as CEO of 888 and upon his appointment, had this to say:

“This is a business with a very strong foundation for profitable growth. But there are clearly also several areas for improvement which we will focus on to unlock our full potential and drive value creation.”