The revenue of the British bookmaker 888 declined from £1.85 billion in 2022 to £1.71 billion in 2023. This 8% decrease was attributed by the company to marketing changes and the introduction of various restrictions in the gambling industry in different jurisdictions.
Approximately 95% of the revenue for the entire year 2023 was generated from regulated markets, which, according to 888, is evidence of a shift towards a more sustainable business.
888 CEO Per Widerström reported that he had worked diligently with the board of directors, the strengthened executive team, and talented employees worldwide to refine the strategic structure. He expressed confidence that they were ready to reduce debt and ensure high profitability for shareholders in the coming years.
The revenue of the online division in the UK fell by 8% to £658 million, but the number of average monthly active users increased by 11%.
On the other hand, the markets in Italy and Spain demonstrated double-digit growth.
After the publication of the report, the value of 888’s securities fell by 9% at the beginning of trading on the London Stock Exchange, and the current price per share is 80.75 pence.