Marketing

Online gambling firm 888 forecasts lower half-year revenue



British online gambling firm 888 on Thursday forecast its half-year revenue will drop, weighed down by the impact of additional safer gambling measures in some markets and the temporary exit from the Netherlands.

Separately, 888 proposed a senior secured offering worth £1.02 billion (€1.18 billion) and said it would use the proceeds to cut debt and finance the acquisition of William Hill.

The company, which in April had agreed to buy William Hill’s international assets from US-based owner Caesars Entertainment, said it expected capital expenditure for the 2022 fiscal year to be slightly higher than the year-ago period for both the group and William Hill.

The London-listed firm expects revenue to come in at £330-£335 million in the six months to June 30th, in line with the board’s expectations. It had reported a half-year revenue of $528.4 million (€501.6 million) a year earlier. — Reuters



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