{"id":69,"date":"2024-06-13T01:13:28","date_gmt":"2024-06-12T22:13:28","guid":{"rendered":"https:\/\/uptownacesnodepositbonuscodes.icu\/2024\/06\/13\/888-holdings-share-value-declines-despite-uk-revenue-growth\/"},"modified":"2024-06-17T13:22:32","modified_gmt":"2024-06-17T10:22:32","slug":"888-holdings-share-value-declines-despite-uk-revenue-growth","status":"publish","type":"post","link":"https:\/\/uptownacesnodepositbonuscodes.icu\/2024\/06\/13\/888-holdings-share-value-declines-despite-uk-revenue-growth\/","title":{"rendered":"888 Holdings Share Value Declines Despite UK Revenue Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/O01W4TiAl2A\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The online gaming firm, 888 Holdings, witnessed a decline in its share value despite experiencing revenue growth in the UK market, as profitability faced a substantial setback.<\/p>\n<p>The company&#8217;s report for the first six months indicated a marginal 2% increase in overall revenue, reaching $277.3 million. However, profits before tax experienced a sharp decline of 63%, amounting to $22.2 million, leading to a negative response from investors.<\/p>\n<p>Subsequent to the publication of these financial figures, 888&#8217;s share price fell from \u00a31.67 (approximately $2.06) to \u00a31.53, although it did rebound slightly to around \u00a31.57.<\/p>\n<p>While 888 recorded a 7% expansion in its primary business-to-consumer revenue, with a 6% rise totaling $262.5 million and a 9% increase in casino revenue reaching $175.4 million, other segments encountered difficulties.<\/p>\n<p>Despite sports wagering revenue demonstrating a robust 19% surge to $44.5 million and bingo revenue climbing by 17%, revenue from traditional bingo actually contracted by 3% after adjusting for currency variations.<\/p>\n<p>Poker revenue experienced a considerable decrease, dropping by 24% to $23.1 million, while business-to-business revenue endured a significant 44% plunge to $14.8 million.<\/p>\n<p>Notwithstanding a 14% growth in UK revenue, which reached $97.6 million, several elements adversely affected 888&#8217;s profitability. These included the transfer of Cashcade Bingo, the incorporation of the Costa Bingo brand and AAPN, and the acquisition of BetBright for \u00a315 million in March.<\/p>\n<p>Adjusted EBITDA contracted by 20% to $41.8 million, and adjusted profit before tax diminished by 36% to $27.1 million. The reduction in unadjusted pre-tax profit was even more substantial.<\/p>\n<p>Chief Executive Officer Itai Pazner opted to highlight the favorable aspects, asserting that 888 delivered a &#8220;resilient performance&#8221; during the initial six months of 2019. <\/p>\n<p>The UK division is demonstrably recovering, fueled by innovative offerings and a sharp emphasis on the casual consumer base.  This momentum is propelling them into fresh regions, with expansion into multiple regulated European zones like Sweden and Portugal. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The online gaming firm, 888 Holdings, witnessed a decline in its share value despite experiencing&#8230;<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>888 Holdings: UK Revenue Up, But Profits Plummet - Why?<\/title>\n<meta name=\"description\" content=\"888 Holdings saw UK revenue rise, but profits took a 63% nosedive in the first six months. 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