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888 Holdings shows the financial reports of H1
888 Holdings announced the outcome of its financial performance for the H1 of this year.
According to 888 the majority of income from its businesses were fine except from the United Kingdom, where the company saw profit drop. The reason is the UK’s stricter policy on safe gambling and The Netherlands’s closing. In Both countries 888 had 2% up annual revenue
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization was 50 million pounds, a 29% annual drop.
The revenue before tax saw a drop as well, which was by 66% amounting to 14.4 million pounds.
On the topic of Mergers and acquisitions, last month was quite busy for 888 as they were engaged in the whole process of buying William Hill and putting the B2B and the B2C bingo operations on sale. Thanks to the new purchase, 888 became a leading operator in the UK and in Spain. By selling the bingo operations, the brand became more concentrated on betting and gaming platforms.
“The contract with William Hill builds a special opportunity for us to keep up with plans of growth. The merger of the two businesses creates a globally powerful gaming company with innovative tech, bigger diversification, new markets and channels, and a big team of professionals.”
commented the company’s CEO Itai Pazner.
Later he added that recent adjustments of the UK had an effect on the brand’s economic performance, but their new actions of player protection and creation of safer gaming strengthened their positions.