Operator 888 reported a 10 per cent fall in online revenue to £325m in its pro-forma Q3 trading update, reflecting increased UK player safety measures and the closure of the Netherlands market.
Retail revenue, it said, was stable at £124m, despite a £4m impact from three days of temporary closures together with sporting fixture cancellations or postponements during the period of national mourning
Overall group revenue for the quarter was down seven per cent for Q3, compared with the same period last year.
888 acquired bookmaker William Hill in July 2022. The figures in its update reflect the pro forma results as if 888 had owned William Hill for each of the quarterly periods, and exclude the reported results of the 888 Bingo business, the sale of which completed on 7 July, 2022.
"Having completed our transformational combination with William Hill, I am pleased to report that during Q3 our teams continued to make rapid progress in integrating these two market-leading and highly complementary businesses,” said Itai Pazner, CEO of 888.
“This has enabled us to progress towards our new target operating model, while delivering a series of 'quick win' synergies, that will benefit our adjusted EBITDA margin for the second half of this year.
“Revenues during the third quarter continued the trends we have seen in recent quarters, with relatively resilient trading across our main international markets and in our retail estate, but continued pressure on our UK online revenues in light of the ongoing impact of the enhanced player safety measures. We are changing the mix of our business to a lower spending, more recreational player base that gives us confidence in the long-term potential for our UK business.
“As we look forward, we remain focused primarily on successful integration, execution and de-leveraging in order to unlock the huge potential from our enlarged business.”
