888 Holdings Projects Q3 Revenue Dip But Sees Surge in User Engagement

A prominent online wagering and entertainment corporation, 888 Holdings, has provided a glimpse into its forthcoming third-quarter earnings statement. Although forecasting a 10% reduction in income compared to the previous year, amounting to an estimated £157.2 million (or $191.8 million), a positive aspect emerges: the firm has observed a 17% increase in its monthly engaged customer base.

This income contraction can be ascribed to diminished earnings in both wagering and entertainment divisions. While wagering income encountered a 17% decline, settling at £54.4 million, entertainment income saw a 5% drop, reaching £102.8 million. Furthermore, the overall sum staked on sports wagering also lessened by 10%, totaling £607 million for the third quarter of 2023, contrasted with £674.5 million during the corresponding period in 2022.

Nevertheless, there’s encouraging news concerning user participation. 888 Holdings anticipates its active user tally to hit 1,186 in the third quarter of 2023, a substantial rise from 1,014 users in the identical quarter the previous year.

This declaration follows closely on the heels of Per Widerström’s appointment as the incoming CEO of 888 Holdings. In remarks accompanying the trading update, Widerström conveyed enthusiasm regarding his new position and delineated his vision for the company’s trajectory, suggesting potential enhancements and strategic adjustments.

The company’s robust portfolio, well-defined future outlook, and driven team captivated me. Although the company encountered some regulatory obstacles this year, I’m happy to report that the team’s dedication is yielding positive results. This positions us for a successful year-end and establishes a platform for substantial expansion in the coming years.

This enterprise possesses a very stable base for earnings expansion. Naturally, opportunities for enhancement always exist, and we’ll be diligently concentrating on tackling these to unleash our complete capabilities and propel value generation. I eagerly anticipate collaborating closely with the company’s skilled workforce, exceptional leadership group, and Board of Directors to guarantee we are strategically situated to implement our strategies and optimize value.