Gambling tech provider and operator 888 Holdings, in its first-quarter trading update, showed a rise in player volumes and a slight increase in revenues from the previous quarter, though year-over-year revenues decreased across the board and the company finished the quarter slightly ahead of guidance, leaving room for cautious optimism.
For the first quarter, the company reported revenues of £431 million, an increase of 2 percent from the previous quarter, allowing it to beat by a small margin 2023’s £420-430 million financial guidance. However, year-over-year results still saw a revenue drop of 3 percent.
“I am pleased to report that first-quarter revenue was slightly ahead of our guidance, with strong player volumes converting into improved revenue run rates,” 888 Holdings’ CEO Per Widerström said. “We are moving decisively and at pace to position our company for long-term success and I look forward to providing further updates about our progress in the coming months.”
Revenue from the United Kingdom and Ireland was down 1 percent at £164.4 million, mostly attributed to an 8 percent drop in betting revenues, against a 4 percent increase in gaming revenues. Retail revenues were £130.3 million, down 7 percent, with betting and gaming revenues down 7 percent and 6 percent, respectively. A large part of the decline can be attributed to the company selling U.S. assets. The company reported £136.5 million in revenues from international markets, a decline of 2 percent encompassing a sharp drop in betting revenues of 22 percent against a 2 percent increase in gaming.
