A prominent online wagering and entertainment corporation, 888 Holdings, has projected a 17% rise in its monthly active users for the third quarter of 2023, compared to the previous year. This indicates a substantial increase in the number of individuals utilizing their digital platform.
Despite this surge in user participation, 888 forecasts a revenue reduction of roughly 10% for the quarter, amounting to an estimated £157.2 million ($191.8 million). This contrasts with the £174.4 million generated during the corresponding period in 2022. This dip in revenue is mainly attributed to diminished earnings in both their wagering and gaming divisions. Wagering revenue, in particular, witnessed a 17% decline to £54.4 million, while gaming revenue experienced a 5% decrease, reaching £102.8 million. Moreover, the overall sum wagered on sports betting also fell by 10% to £607 million in Q3 2023, down from £674.5 million in Q3 2022.
Conversely, 888 anticipates a significant surge in its active participant count, reaching 1,186 in Q3 2023, a 17% increase from the 1,014 players documented in Q3 2022.
Examining the year thus far, 888’s revenue lags behind 2022 figures. Their year-to-date total stands at £493 million, representing a 10% decrease compared to the £545.2 million earned during the same timeframe in 2022. The most substantial decline in 2023 has been observed in their gaming revenue, which plunged by 11% to £302.4 million. Additionally, their gaming segment recorded a considerable loss of £1.906 billion in 2022, marking a 7% reduction compared to the preceding year.
This financial statement follows shortly after 888 designated Per Widerström as their new Chief Executive Officer. In a recent business update, Widerström remarked on his new position and strategies for enhancement, conveying enthusiasm for heading 888 Holdings and outlining his vision for the company’s trajectory.
This organization possesses significant advantages – a strong base, abundant possibilities, and a highly motivated team eager for victory. Undeniably, we’ve encountered regulatory obstacles this year, but our dedicated efforts are yielding results. We’re positioned for a powerful year-end, establishing a trajectory for substantial expansion in the coming years. This enterprise rests upon a firm foundation, and I perceive numerous avenues for enhancement. We’ll prioritize confronting these difficulties directly, unleashing our complete capabilities, and providing genuine worth. I’m enthusiastic about collaborating with this skilled group, the exceptional leadership, and the board to ensure we’re operating at peak performance and optimizing our achievements.
