888 Reveals Q3 Results, Posts 10% Decrease in Revenue

The world’s leading betting and gaming company that owns globally recognized brands such as 888, Mr Green and William Hill, 888 Holdings Plc, released its latest trading update. On Wednesday, the company released its newest report, revealing details regarding its performance for the three months ended September 30, 2023.

The recent trading update reveals that 888 posted total revenue of £405.0 million ($493.4 million) for the third quarter of this year. This result, when compared to the corresponding period in 2022, when revenue hit £449.4 million ($547.4 million), represents a decrease of 10%.

A breakdown of the total reported revenue in Q3 this year shows a decrease in the company’s two operating segments. Overall, the gaming revenue reported by 888 for the third quarter of this year was £262.4 million ($319.6 million), marking a 10% decrease when compared to the £290.4 million ($353.5 million) posted for the same period in 2022. Similarly, the company’s betting revenue in Q3 was £142.6 million ($173.6 million), representing a 10% decrease when compared to the £159.0 million ($193.6 million) result from Q3 in 2022.

In contrast to the decrease in betting and gaming revenue, 888 posted strong growth in its average monthly active users. For the third quarter of 2022, the company reported some 1,517,000 average monthly active users. However, for the same period this year, the number of average active monthly users increased to 1,679,000, up by 11% year-over-year.

The Company Remains Committed to Growth

Per Widerström, 888’s CEO, who recently officially assumed the role with the company, revealed that it is thrilling to spearhead the company as its CEO. He praised 888’s potential and ambition for growth. “I am happy to note that 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,” added Widerström.

Additionally, he spoke about 888, explaining that the company has a strong foundation that positions it well for further growth. Still, Widerström acknowledged that 888 has “several areas” that need to undergo improvement. Finally, he said that he is looking forward to collaborating with the company’s dedicated team of experts and helping it continue growing.

In addition to the quarterly results, 888 released details regarding its year-to-date revenue. According to the new report, year-to-date total gaming revenue hit £1.29 billion ($1.57 billion), marking a slight 8% decrease when compared to the same period last year.