888 Holdings reports revenue "slightly ahead" of expectations with $534.9M in Q1
William Hill owner 888 Holdings reported revenues are "slightly ahead" of expectations for the three-month period ended March 31. The gambling firm, soon to be renamed Evoke, announced revenues of £431 million ($534.9 million) for the quarter.
While in the year-over-year comparison revenue fell due to a slowdown at its betting shops, the company still did better than expected as it had previously forecast revenues of between £420 million to £430 million ($521.2 million to $533.7 million).
Betting shop revenue was down 7%, while UK online sports revenue dipped by 1%, which the firm said was due to putting on more promotional offers during the Cheltenham Festival. UK casino gaming and international markets performed better.
After cutting costs last year, 888 said it will spend the money it saved on advertising in "profitable markets" in 2024.
The business hopes to return to year-on-year revenue growth this quarter, as prior-year comparative figures become easier to beat. Revenue in the second quarter of last year was affected by new safer gambling rules and changes made after the business launched an internal probe into its money laundering checks in the Middle East, as reported by The Standard.
Per Widerstrom
Per Widerstrom, CEO of 888, said: "I am pleased to report that 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 changes 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."
"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," he concluded.
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