The gaming behemoth, 888 Holdings, known for its ownership of prominent brands such as William Hill and Mr Green, experienced a minor decrease in earnings for the 2022 financial year. Their total revenue reached £1.85 billion (approximately $2.26 billion), reflecting a 3% reduction compared to the preceding year. This outcome aligned with their anticipated forecasts.

The corporation emphasized the effects of their proactive measures regarding player well-being in the UK’s digital market, in addition to the shutdown of the Netherlands market. These factors contributed to the 15% decline in online revenue year-over-year, which amounted to £1.33 billion.

Despite this, there were positive developments. Their brick-and-mortar sector flourished, generating £519 million, a remarkable 54% surge compared to 2021. This upward trend was attributed to a complete year of uninterrupted business operations, unlike the previous year, which faced disruptions due to closures.

The final quarter of 2022 mirrored the overall annual pattern, with revenue reaching £458 million. Although this met their projections, it still signified a 3% drop compared to the corresponding period in 2021. Once again, retail operations outperformed, exhibiting a 5% rise and reaching £131 million, demonstrating their resilience. Conversely, online revenue maintained its downward trajectory with a 5% decrease, settling at £326 million.

Introducing an element of uncertainty, 888 disclosed the impending departure of their Chief Financial Officer.

The head of 888, Itai Pazner, gave his perspective on the firm’s fiscal results: “In the final quarter of 2022, our group made substantial strides in combining our two enterprises. We’ve initiated the migration of Mr Green onto our worldwide technological framework, adhering to the strategic plan we presented at our latest Capital Markets Day.

“Our Q4 earnings showcase the sustained robustness of our brick-and-mortar operations and an exceptional showing online. As previously stated, our UK digital revenue continues to be affected by regulatory adjustments, notably the persistent consequences of heightened user protection protocols. Nevertheless, I remain optimistic that we are constructing a durable and prominent business for the years ahead.”

888 also declared an alteration to its leadership, with Yariv Dafna relinquishing his position as CFO and Executive Director effective March 31st, 2023. The quest for his successor is in motion.

Addressing the board transition, Pazner remarked: “The Board and I are immensely appreciative of Yariv’s contributions to 888, including his pivotal part in finalizing our transformative union with William Hill and spearheading the recent successful restructuring of 888’s external liabilities.

“On behalf of the entire 888 organization, I extend my best wishes to him in his future pursuits.”