With UK regulatory changes and closures in the Netherlands 888 Q3 2022 revenue falls 9.2%. See the full stats here! (Image from ptra on pixabay.com)
The company well-known for its reverse takeover of William Hill, and of course one of the best online casinos in the industry has dropped revenue in Q3.
In the most recent Q3 financial report, 888 Holdings took a 7.2% revenue hit. One reason for the hit is the brand’s unsuccessful venture in the newly regulated Dutch market. However, as the London Stock Exchange (LSE) listed company’s income relies heavily on the UK gambling industry, law changes in the country have also hit the firm’s financials.
More issues have hit the company on the stock market over the last year. At the beginning of 2022, its stocks were worth 301 GBX down from its September 2021 high of 458 GBX. However, today the company stock price continues to slide and now stands at 89 GBX. Over Q3 itself, the stock price fell from 121 GBX to the current 89 GBX.
The latest Q3 report covers 888’s 1 July to 30 September financial performance as follows:
(1) Overall Revenue
(2) Retail revenue
(3) Online Gambling Revenue
(4) UK Online Gambling Revenue
(5) Average Player Spend
Yearly (2022) Revenue (-3.1%): As for 888 Holding’s yearly performance, it’s not too bleak. Reports show only a 3.1% decline in revenue from Q1 to Q3. Financial reports show that 2022 revenue so far is at £ 1.39 billion down from £ 1.44 million last year.
Official 888 Q3 2022 Revenue
- GBP 449 million Overall Revenue (-7.2%): The total revenue figures recorded were £ 449 million, which equates to a 7.24% drop in revenue.
- GBP 124 million Retail Revenue: Within the company’s land-based operations (retail/high street) operations, the total revenue was £ 124 million. Forecasted figures show that this figure should in fact show £ 128 million. However, the company dropped £ 4 million due to 4 days of closures during the financial quarter. Closing stores was necessary to pay respect to Her Majesty Queen Elizabeth II. In conclusion, retail revenues remained stable when compared with year-on-year performance.
- GBP 325 million Online Gambling Revenue (-10%): 888 Holdings’ group took its biggest hit from the iGaming and sports betting sectors. A 10% year-on-year drop to be precise. The reported £ 325 million is down from last year’s £ 358 million.
- GBP 171 million UK Online Gambling Revenue (-13%): One of the largest percentile revenue shortfalls came via the UK online sports betting and iGaming verticals. 888 reports £ 171 million, which is down 13% from the previous year’s £ 193 million reported figures.
- Reduced Average Player Spend in the UK (-14%): One of the critical components to the year-on-year 888 Q3 2022 revenue falls was due to a 14% drop in player spending. This is down to a shakeup in the UK’s regulatory rules. Yet, the UK still remains one of the most prolific gambling markets in the world.
Looking for more 888 Financial Info? Check out the 888 Holdings PLC financial investor centre. You will find ‘Trading Updates’, ‘Interim Results Presentations’, ‘Prospectuses’, ‘Webcasts’, and more dating back from 2022 to 2006.
Not Only 888 Holdings Affected by UK Market Changes
Changes in the UK market have not gone unnoticed. Recently we reported on two online casinos no longer accepting new members. LV BET and Energy Casino, both in service under separate operators, made the move to cease sign-ups signalling that neither intends to renew their UKGC licences (read the full story here).
What about MGA Licensing? Both LV BET and Energy Casino will retain their Malta Gaming Authority Licences (MGA) covering players in Canada, South Africa, Ireland, New Zealand, and India.
888 Holdings Still Has a Sound Business Strategy
Although the LSE-listed company has been going through rough times, it still offers one of the best online casinos, sports betting, and online poker sites in the regions it operates. The brand has an established name and is also one that readers here on Casino Plus Bonus rate highly.
888 also has the prospects of growing its non-US William Hill division which is one of the UK’s most respected online casino and sports betting brands. Plus, it has a strong retail presence. On top of this, Mr Green Casino also falls under the wing of 888 Holdings overall giving the brand three strong online casino platforms.
Other 888 Casino Operations: 888 Holdings also operates in the USA and in Canada. The recent Canada Ontario Q2 2022 online gambling revenue stats for its second quarter in business are showing promising signs – although technically these figures cover Q3 of the financial year because regulated provincial iGaming and sports betting only began in Q2 2022 on 4 April. There is also an option on 888Africa should the venture prove successful.
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