Gambling firm 888 forecasts drop in half-year revenues

Gambling firm 888 has warned that half-year revenues are set to drop due to the UK’s crackdown on online gambling and its temporary exit from the Netherlands.

The group – which is soon to complete its £2.1 billion takeover of William Hill’s UK and European businesses – said turnover for the first half of the year is set to fall to between £330 million and £335 million, down from 528.4 million US dollars (£433.1 million) the previous year.

The William Hill UK and European business – which it expects to take over on July 1 – is set to see revenues of £620 million to £630 million in the 26 weeks to June 28.

Shares in 888 fell 4% in morning trading on Thursday.

888 said revenues for William Hill – the UK’s second biggest high street bookmaker with 1,400 betting shops – were boosted by the reopening of retail sites thanks to easing pandemic restrictions, but offset by safer gambling measures for online betting, as well as the Netherlands closure.

888 agreed a £2.05 billion deal to buy William Hill’s UK and European business from US casino giant Caesars in April, after cutting the terms of the £2.2 billion price agreed seven months earlier.