888: Finance boss quits as betting giant’s revenue is down
Betting giant 888’s finance boss announced today he will step down as the betting giant’s revenue lag slightly behind last year’s levels.
Yariv Dafna will step down in March after two and a half years at the company’s helm.
The group – which owns retail and online brands such as William Hill, 888 and SI Sportsbook – posted an annual revenue of £1.85bn.
This was in line with the board’s expectations but still remained three per cent below last year’s levels.
Revenue derived from online operations was down 15 per cent to £1.3bn while retail went up 54 per cent, with the average revenue per shopping increasing by 7 per cent compared to 2019 levels.
Online revenue was significantly impacted by regulatory changes in the UK, including new rules on enhanced player safety.
Initially announced in April last year, the new regulations require operators to monitor a series of indicators, including customer spend and time spent gambling, to identify “gambling harm.”
“The board and I would like to thank Yariv for the contribution he has made to 888 including playing a crucial role in the completion of our transformational combination with William Hill and leading the recent successful financing of 888’s external debt,” said chief executive Itai Pazner.
“On behalf of everyone at 888, I wish him the very best in his future endeavours.”
“As previously discussed, we continue to see pressure on our UK online revenues from regulatory change including the ongoing impact of the enhanced player safety measures, but I am confident we are building a sustainable leading business for the future,” the chief executive added.
Looking ahead, 888 has maintained its 2023 outlook unchanged, expecting group revenues to be lower “by a low single digit percentage” and an adjusted EBITDA margin of at least 20 per cent.
The revenue target of “at least £2bn” in 2025 has remained unchanged.