888 Holdings Q1 revenues fall 18% YOY

Online betting and gaming firm 888 Holdings said on Wednesday that total revenues had fallen in the three months ended 31 March.

888 Holdings said total revenues had slid 18% year-on-year to £224.0m, with average monthly active users 8% lower when compared to the group's record result in the first quarter of 2021.

B2C gaming revenues were down 14% at £191.0m, while B@C betting revenues sunk 42% to £24.0m and B2B revenues slipped 6% to £9.0m.

The FTSE 250-listed firm highlighted that the lower revenue per active user was partially driven by a heightened focus on safer gambling.

888 added that key regulated markets delivered "a strong performance", particularly the US, Romania, and Portugal, together with strong sequential growth in Italy, offsetting the larger year-on-year decline in the UK, which was impacted by said increased player restrictions.

Chief executive Itai Pazner said: "The start of 2022 has been another busy period of progress for 888.

"I am pleased with the group's progress, and we are looking forward to returning to year-over-year revenue growth in the second half of the year, as we benefit from further launches in additional US states, together with our expectation of relaunching in the Netherlands and ramping up our recent launch in Ontario."