Gambling firm 888 forecasts drop in half-year revenues

Gambling firm 888 forecasts drop in half-year revenues
Wild Casino

Gambling firm 888 has warned that half-year revenues are set to drop due to the UK’s crackdown on online gambling and its temporary exit from the Netherlands.

he group – which is soon to complete its £2.1 billion takeover of William Hill’s UK and European businesses – said turnover for the first half of the year is set to fall to between £330 million and £335 million, down from 528.4 million US dollars (£433.1 million) the previous year.

The firm said that, while “broadly” in line with its own expectations, the first half will be dented, with “growth in certain European markets offset by the impact of additional safer gambling measures as well as the temporary exit from the Netherlands”.

The William Hill UK and European business – which it expects to take over on July 1 – is set to see revenues of £620 million to £630 million in the 26 weeks to June 28.

888 said revenues for William Hill – the UK’s second biggest high street bookmaker with 1,400 betting shops – were boosted by the reopening of retail sites thanks to easing pandemic restrictions, but offset by safer gambling measures for online betting, as well as the Netherlands closure.

888 agreed a £2.05 billion deal to buy William Hill’s UK and European business from US casino giant Caesars in April, after cutting the terms of the £2.2 billion price agreed seven months earlier.

CasinoBeats CasinoBeats 12 days

A cessation of services in the Dutch online market, as well as the impact of additional safety measures, is offset by European growth through H1 says 888.

Golden Casino News Golden Casino News 14 days

Stagflation fears: European businesses expect jump in late payments during second half of 2022

Casino News Casino News 15 days

Netherlands agree equal pay deal with women's national team