888 revenue down 10% in Q3 2023
888 Holdings has experienced a revenue decrease of 10% in the year’s third quarter.
This announcement follows a bit over half a month after the gambling firm published a third-quarter trading update, as part of which 888 updated its projected revenue to 400 million pounds, representing a 10% decrease year-over-year. The company’s estimates turned out to be pretty accurate In its latest financial update, with revenue being reported at 405 million pounds with a decrease rate of 10%.
As mentioned in the firm’s previous publication, the main reasons for the decline include tighter margins as a result of subpar sports outcomes, regulatory changes in the United Kingdom, and compliance issues in a few regions around the world. Moreover, 888 also mentioned in its previous update that its land-based operations were expected to display better performance than their online counterparts, which was reflected in the latest report with a 1% revenue increase for the vertical from 124.1 million pounds to 125.6 million pounds.
888 Holdings also reported its performance for the year’s first nine months, throughout which the company’s online operations across the world experienced a 10% decline in revenue, going from 545 million pounds to 493 million pounds. The group’s total revenue experienced a smaller decline of 8% in the period, going from just under 1.4 billion pounds to 1.29 billion pounds.