Revenue Rollercoaster
888, the powerhouse behind William Hill, has hit a rough patch with an 8% sales slump. The gaming giant’s revenues took a dive from a lofty £1.85 billion to £1.71 billion year-on-year. Tighter gambling controls in the UK have thrown a spanner in the works, contributing to this financial hiccup.
Trimming the Fat
It’s not all doom and gloom at 888, though. The company is slicing costs with surgical precision. Out goes its Sofia office, and job cuts are on the cards internationally. This cost-cutting crusade aims to save a cool £30 million, a silver lining in a stormy financial forecast.
Customer Count Climbs Despite Cash Crunch
Despite the revenue retreat, 888 isn’t losing its customer charm. The firm boasts an 11% surge in monthly active users, even as average revenue per customer dipped by 18%. It’s a bittersweet growth story for the gambling gurus.
Strategic Shifts and AI Ambitions
888 isn’t just sitting back and taking the hits. They’re betting big on smart automation and AI to sharpen their edge. The endgame? Enhanced operations, better customer experiences, and tighter gambling safeguards. It’s a high-tech pivot with an eye on the prize: long-term profitability.
Reeling In Recreational Gamblers
The new game plan? Wooing the recreational gambler. 888 is reshuffling the deck to offer a more responsible, fun-filled betting experience. It’s a strategic move to stay in step with the ever-changing gambler’s playbook.
Leadership Optimism Amidst Market Tumbles
888’s captain, CEO Per Widerstrom, is steering the ship with an optimistic compass. Taking the helm in October, he’s all about flexing to fit the mold of new regulations and tech advancements. His vision: a leaner, meaner, customer-centric 888.
Market Jitters Over 888’s Financial Reveal
The proof is in the pudding, and for 888, it’s a bit sour. Following the disclosure of dipping sales and drastic cost cuts, the company’s shares tumbled by nearly 9% on Wednesday morning. Shareholders are feeling the pinch, mirroring the company’s fiscal fitness.
Reported by Claire, your go-to iGaming & land-based specialist, tracking the pulse of the global gaming market.