888 interim results on target ahead of William Hill takeover on 1 July
888 Holdings expects its 2022 interim revenues to be “broadly” in line with corporate expectations, as the FTSE250 igaming group navigates a tougher European regulatory climate.
In process of finalising its £2 billion acquisition of William Hill – 888 expects interim revenues to be between £330-and-£335 million range, for the six months to 30 June.
The board of 888 noted that the result would be “broadly in line expectations”, as corporate performance has been offset by the cessation of services in the Dutch online market, as well as the impact of additional safety measures across European markets.
Meanwhile, William Hill revenue for the 26-week period ending June 26, 2022, is currently expected to close at £620-630 million – a result that was attributed to the reopening of the betting group’s retail units but offset by increased safer gambling measures in the UK’s digital marketplace.
The acquisition of William Hill is expected to be finalised on 1 July, completing a transaction that begun in September 2021 as 888 entered an agreement with Caesars Entertainment to purchase the UK and European assets of William Hill for £2.2 billon.
During April, dealmakers agreed to revise M&A terms in light of a changing economic outlook, in which 888 secured a £250 million revision on William Hill’s valuation to £2.05 billion.