888 targets revenue of more than £2bn in 2025
Gambling giant 888 is aiming high, revealing a targeted revenue of more than £2bn in 2025 – over twice the revenue it reported in 2021.
Ahead of its Capital Markets event later today, the firm, which recently acquired rival William Hill, said it expects adjusted core profit for the year to be in the range of £305m to £315m.
888 also said it would consolidate technology platforms and teams, stop brands competing against each other and focus on more select markets.
Although Peel Hunt gave 888 a buy recommendation, the broker warned plans sound “plausible, albeit considerably easier, to put into an Excel model than to deliver in the real world over the next three years”.
Today’s update comes just a month after the London-listed company blamed increasing safety controls for online users in the UK and the closure of its Netherlands operations for its slipping revenue in the three months to 30 September.
Total UK online revenue came in at £171m, down 13 per cent over the year. The betting giant said the tumble “driven by a reduction in average spend per player”, which had sunk 14 per cent.
CEO Itai Pazner explained there was continued pressure on the UK online revenues “in light of the ongoing impact of the enhanced player safety measures”.