888, one of the world's leading online betting and gaming companies, has announced its financial results for the six months ended June 30.
Group revenue was down 13 per cent to £332.1m, with the majority of the business seeing relatively stable revenues, offset by declines in the UK (-25 per cent), reflecting the implementation of more stringent safer gambling policies, and the closure of the Netherlands. Excluding the UK and the Netherlands, revenue was up two per cent year over year.
Adjusted EBITDA was £50m (2021: £70.3m), with the adjusted EBITDA margin lower due to continued investment in the US to support SI Sportsbook state launches, together with additional compliance related costs.
During the first half of 2022 the group made strong progress against its three key strategic pillars: strategic M&A, market focus and investing in its sustainable competitive advantages.
Itai Pazner, CEO of 888, commented: "The combination with William Hill, which we completed soon after the period end, transformed the group and creates very strong foundations to support our ambitious growth plans.
"This combination of two exceptional and complementary businesses creates one of the world's leading online betting and gaming groups with superior scale, leading front-end and back-end technology, increased diversification across products, markets and channels and a world-class team.
"The group's financial performance in the period primarily reflects market conditions in the UK. However, we believe the proactive actions we have taken to increase player protections and drive higher standards of player safety have put the group in an even stronger position for the future."
