William Hill owner 888 sees revenues hit as new gambling rules bite
The betting giant reported revenues of £405 million for the third quarter, down from £449.4 million a year ago.
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Your support makes all the difference.William Hill owner 888 has revealed revenues slumped 10% as it took a hit from new gambling rules and saw football results go in favour of punters.
The betting giant reported revenues of £405 million for the third quarter, down from £449.4 million a year ago.
Its UK & Ireland online business also saw revenues drop 10% to £157.2 million, with the group blaming tougher regulations introduced in the Government’s gambling white paper that was unveiled in April, while the group has also toned down its marketing strategy.
888 added that it had also suffered a lower-than-expected betting net win margin from customer-friendly sports results in September, particularly football.
But its betting shops fared better, with revenues up 1% at £125.6 million, as a boost from investment in new products and gaming cabinets was partially offset by the hit from sports results.
888 added it was “prioritising the safety and wellbeing” of its 500 workers and their families in Israel due to the conflict with Hamas.
It said it had put in place business continuity plans which are “working well with no significant impact on business operations expected”.
New chief executive Per Widerstrom, who took the helm on Monday, said: “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.”
He added: “But there are clearly also several areas for improvement which we will focus on to unlock our full potential and drive value creation.”
Mr Widerstrom replaces former chief executive, Itai Pazner, who quit in January following four years in the role amid internal investigations into failures over anti-money laundering processes for its VIP customers in the Middle East.