888 Holdings with a decline in sales in the first quarter of 2023

In the past few weeks and months, positive news has been reported above all in the gambling industry. However, sales do not always go up steeply, as the new figures from 888 Holdings prove. Accordingly, the company had to accept a decline in sales of 18 percent in the first quarter of 2023. However, the numbers only look dramatic at first glance. Compared to the sales in the fourth quarter of 2021, the company even had an increase of one percent. Overall, the company looks optimistically into the future and would like to attack in several markets this year.

Large burglary on sports betting

A closer look reveals that the main turnover in the area Online-Casinos have been done. According to the press release, the company generated sales of 191 million $ here. This is 14 percent less than in the same period last year. Here the sales were still 221 million euros. The figures in the sports betting sector have gone down. Instead of 42 million $ in the first quarter of the previous year, it was now only 24 million euros. This corresponds to a decline of 42 percent. Collapsed from the B2B segment of ten million $ to six million euros. Thus, the company also had to accept a deficit of six percent.

As a reason, 888 Holdings stated that the rules in Great Britain had been tightened, especially for the Bingo market. For the sports betting sector, 888 Holdings sees the retreat from the market in the Netherlands as responsible. This has only been legal since October 2021. However, the company has received none of the 18 licenses awarded by the state gambling authority. The reason for this is that 888 Holdings had previously been active in the lowlands. However, the law clearly understands that companies were illegally active on the market and that only after six months may try to strive for a license.

Optimistic look into the future

Despite the latest figures, the company looks optimistically into the future. 888 boss Itai Pazner stated that 888 Holdings is currently being restructured. The acquisition of new licenses and companies in particular caused high costs. This will have a positive effect in the future. According to Pazner, the company launched Michigan and Ontario at the beginning of the year. This should be the case in Virginia in May. In addition, 888 until June Purchase of William Hill finally complete. Pazner has big goals and stated that the company would want the market leader in the online gambling. In the second half of the year, those responsible expect an increase in sales. Then the company wants to continue attacking a license in the Netherlands and also in the USA. In addition, a exploratory of the market in Africa is being planned.

At the end of March, 888 founded a joint venture for Africa. Accordingly, 888Africa would like to pay a brand license fee to operate and use gaming brands of 888 in the regulated markets in Africa. The products and content should be adapted to the preferences of the African market. The introduction of the 888Africa products is scheduled to start this year. 888 sees great growth opportunities. Although those responsible for the company are still optimistic, the share price had to accept a slight damper in the past day.