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Q3 Update from 888 shows a 10% Drop in Revenue

888 has witnessed a decline in its revenue for the first time compared to last year, having generated £493 million year-to-date, a 10% reduction from the £545.2 million it amassed in the corresponding interval last year. 888 Q3 Update 2023

888 Holdings has announced a preview of its Q3 results, indicating that its monthly active players will increase by 17% compared to the previous year.

The company is anticipating a 10% decrease in revenue, with Q3 2023 generating £157.2m ($191.8m) compared to £174.4m in Q3 2022. This decline can be attributed to a reduction in both its betting and gaming revenue, as its betting revenue will decrease by 17% to £54.4m and its gaming revenue will witness a 5% drop to £102.8m.

Moreover, its sportsbook wagers also experienced a decline of 10%, with stakes totaling £607m in Q3 2023 compared to £674.5m in Q3 2022.

Nevertheless, 888 anticipates a 17% increase, with active players projected to escalate to 1,186 in Q3 2023 as compared to 1,014 in Q3 2022.

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888 saw the biggest decline in its gaming revenue for the year 2023, as its gaming division dropped by 11% to £302.4m.

In addition, the betting department suffered an annual decline when compared to 2022, resulting in a decrease of 7%, which amounted to £190.6m.

The results come soon after 888 recruited Per Widerström to be its new CEO. Speaking as part of the trading update.

I am very excited to have joined the 888 Group as the new CEO. I have already been struck by the strength of the group’s assets and its clear potential, as well as the ambition of our team.

I am happy to note that despite the regulatory challenges the group has faced this year, the hard work by the team is already showing signs of results meaning that we head towards the end of the year with positive momentum and well placed to grow in the coming years.

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. I am looking forward to working closely with our fantastic people in the group, the talented executive team and the Board to ensure we are in the best possible position to deliver our plans and maximise value creation.

Widerström commented on his new role and his plans for improvement:

Source: Gambling Insider 888 Q3 Update 2023

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