The gaming and wagering firm, 888 Holdings, has published its trading update and fiscal outcomes for the twelve-month period concluding in February 2022.
Over the year, 888 generated £690 million (equivalent to $840.8 million!) in turnover and an adjusted EBITDA of £109 million. To illustrate, William Hill’s global operations, which 888 procured, achieved revenue of £1.36 billion and an adjusted EBITDA of £238 million during the 52 weeks ending February 22, 2022.
Although the resumption of physical venues and robust results in certain regulated territories were favorable, these were counterbalanced by the consequences of 888’s withdrawal from the Netherlands, along with the ramifications of responsible gaming policies implemented within the UK’s online sector.
Looking forward, 888 projects revenue between £330 million and £335 million for the half-year period ending June 2022. This aligns with projections and demonstrates expansion in specific European markets, counteracted by the influence of supplementary responsible gaming regulations and the provisional departure from the Dutch market.
William Hill’s turnover is forecasted to fall within the range of £620 million to £630 million for the 26 weeks concluding June 28, 2022. This takes into account the reopening of retail, offset by the effects of responsible gaming protocols in the UK’s online market and modifications or withdrawals from certain regions, including the Netherlands, within the international online segment.
In related developments, 888 also declared its aim to secure £1 billion via 888 Acquisitions Limited and 888 Acquisitions LLC.
The firm holds approximately two billion dollars in senior secured loans. This encompasses a term loan B facility denominated in US currency maturing in 2028, senior secured fixed-rate bonds in euros due in 2027, and senior secured floating-rate notes also in euros maturing in 2028.
