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Gambling giant 888 slips to loss despite William Hill revenue boost
by cityam
Jess Jones
BETTING giant 888 yesterday thanked its acquisition of William Hill for helping to more than double the group’s revenues.
The firm said in the six months ended 30 June, group revenue flew up 165 per cent, with adjusted earnings before interest, tax, depreciation and amortisation up 211 per cent thanks to its purchase of the world’s biggest bookmaker, William Hill.
However, despite the boost, the bookie slipped to a £32.5m loss –compared to a £12m profit in the first half of 2022. The firm blamed higher interest costs and “certain one-off costs” from the acquisition.
The firm also reported a nine per cent slip in revenues in its UK division, due in part to tighter betting regulations introduced in April in the government’s gambling white paper.
888 bought William Hill last July for £2bn, taking on its 1,400 betting shops and online gaming brands in addition to a hefty amount of debt to finance the deal, causing investors to fret.
Shares closed up 0.36 per cent.
