888 Inc. Experiences 8% Decline in Annual Revenue for 2023

888 Holdings Plc, the UK-based betting and gaming company that acquired William Hill’s non-US business in 2022, released its post-close trading figures. The report highlighted an 8% decrease in the group’s annual revenue for the full year 2023, with notable drops in the UK online and global markets.

In the fourth quarter, revenue reached £424 million ($538 million), marking a 7% decrease from the same period in 2022. However, it was a 5% increase compared to Q3 2023, with activities up 5% on a year-over-year basis.

The company attributed the full-year revenue decline to various factors, including a shift away from dotcom markets, additional measures for safe gambling, and marketing changes focused on profitability and sustainable revenue. Despite an 11% increase in the average number of monthly active users in the UK online segment, the average revenue per customer saw an 18% drop.

On the retail side, revenue increased by 3% compared to the previous year, driven by product improvements such as the introduction of self-service betting terminals and gaming cabinets.

Looking ahead to 2024, 888 Holdings Plc expressed optimism for improved revenue, citing consistent growth in active players and an anticipated annualization of safer gambling practices. The company also expects long-term profitability to benefit from a new cost savings program and investments in intelligent automation and artificial intelligence-powered data and insights.

CEO Per Widerström highlighted the strategic and operational progress made in the face of regulatory challenges and announced plans to outline the group’s 2024-2026 strategy with the full-year results scheduled for the end of March.

Additionally, the company recently announced job cuts in Israel as part of its global restructuring plans.