888 Holdings Exceeds Revenue Expectations Ahead of Evoke Rebrand

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888 Holdings, soon set to rebrand as Evoke, reported first-quarter revenues of £431 million ($534.9 million), surpassing the company’s forecasted range of £420 million to £430 million ($521.2 million to $533.7 million). This increase comes despite a decline in some areas, positioning the company for potential growth amid a strategic shift.

The firm, which owns William Hill, 888 Casino, and Mr Green, noted a 7% decrease in revenue from betting shops and a slight 1% dip in UK online sports revenue, attributed to enhanced promotional efforts during the Cheltenham Festival. However, these declines were offset by stronger performances in UK casino gaming and international markets.

Following significant cost reductions last year, 888 Holdings plans to channel its savings into targeted marketing campaigns in what it calls “profitable markets” throughout 2024.

The company expressed optimism about the upcoming quarters, anticipating a return to year-on-year revenue growth. This expectation is based on comparably easier figures from the previous year, which were affected by stringent new gambling regulations and an internal review of money laundering checks in the Middle East, first covered in The Standard.

Per Widerstrom, CEO of 888, commented, “Q1 2024 revenue was slightly ahead of our guidance, with strong player volumes converting into improved revenue run rates. Having lapped various regulatory and compliance challenges during the quarter, and with increased marketing investment supported by an exciting product pipeline, we remain confident in a return to growth from Q2 2024.”

Widerstrom added, “I was delighted to outline our multi-year value creation plan alongside our full-year results in March, and am pleased to report a strong quarter of progress against these plans. 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.”

As 888 Holdings prepares for its transition to the Evoke brand, the company is looking to leverage strategic initiatives to sustain and build upon its current momentum in the gambling industry.