British corporation 888 Holdings, overseeing a network of casinos worldwide, has released its 2023 earnings report, revealing an 8% decline in revenue attributed to a substantial downturn in the UK online gambling market.
For the fourth quarter, corporate revenues amounted to £424 million, marking a 7% decrease compared to the same period in 2022, where the company earned £457 million. Despite expectations for improved revenue levels in the final quarter of 2023 following a profit boost in Q3, the company continued to operate at a deficit.
In an effort to mitigate significant losses, 888 Holdings had previously laid off numerous employees in Israel and other locations. Financial challenges for the corporation emerged in 2021 following its acquisition of rival company William Hill for £2.2 billion. The impact of this acquisition and the subsequent difficulties in the online gambling market have contributed to the decline in 888 Holdings' annual revenue.
