Tag Archives: 888 Holdings

888 targets June date to complete William Hill takeover

888 Holdings has moved a step closer to finalising its acquisition of William Hill’s UK and European assets, as the company’s shareholders approved the merger by a vast majority.  Following the conclusion of its Extraordinary General Meeting, 888 revealed that 99.73% of shareholder votes cast were in favour of the takeover, representing 306,997,411. In contrast, 819,264 (0.27%) voted against, with …

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888 pursues shareholder approval to create ‘global gaming leader’

888 Holdings has issued an update on the progress of its acquisition of William Hill in a prospectus on the development, detailing the timetable and risk factors involved.  Approved by the Financial Conduct Authority (FCA), the prospectus explained that the international gambling group will hold an Extraordinary General Meeting on 16 May to seek approval from its shareholders. Although the …

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888 posts 18% revenue decline ahead of William Hill integration

888 Holdings has detailed that both its B2C and B2B operations suffered a substantial decline during first quarter trading, citing a number of factors impacting the FTSE250 group’s commercial performance.    Publishing a trading update for Q1 2022, 888 detailed a year-on-year corporate revenue decline of 18% to $224 million (2021: $273m) –  a percentage decline which was mirrored by  its …

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888 nets £250m deal reduction on William Hill takeover terms 

The board of 888 Holdings has notified investors that it has reached an agreement with Caesars Entertainment to amend the terms of its acquisition of William Hill.  Citing a change in macroeconomic conditions and regulatory/compliance factors since the deal was initiated on 9 September 2021, Caesars has agreed to lower its enterprise valuation of William Hill from £2.2bn to £1.95/ …

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888 backs Christopher Coyne led AFRICA joint venture

888 Holdings has backed plans to launch 888AFRICA as a joint venture business, expanding the FTSE250 firm’s presence within ‘select regulated African markets.’ This morning, 888 confirmed that it had “invested in a minority stake in 888AFRICA, with the option to increase its control, and ultimately own up to 100% of the venture in the future”. The business will be …

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888: A responsible gambling strategy in tandem with market growth

888 Holdings has detailed growth across a range of existing and current markets, but has underscored a need to focus on safer gambling in tandem with this expansion – particularly following its recent fine in the UK.  Breaking down the company’s 2021 trading results in the 888 full year earnings call yesterday, CEO Itai Pazner focused on developments in Europe …

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UKGC fines Sky Bet £1.2m for self-excluded email blunder 

 The UK Gambling Commission (UKGC) has this morning disclosed that it has fined Sky Betting & Gaming (Sky Bet) £1.17 million fine for sending promotional emails to self-excluded customers. The penalty follows an “investigation outside of a licence review” that revealed that the Sky Vegas brand had communicated a ‘Bet £5 get 100 free spins’ offer to 41,395 self-excluded customers …

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Chris Philp: “Too many cases of operators failing on protection”

In light of recent fines levied against UK betting operators by regulatory authorities, Gambling Minister Chris Philp has argued that reform is “undoubtedly long overdue”. Ahead of the publication of the White Paper on the 2005 Gambling Act review, which the Minister asserted is due ‘very soon’, Philp spoke at the Gambling Reform Rally yesterday, organised by the Gambling Related …

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888 nets 5x profit jump ahead of critical B2C portfolio enlargement 

888 Holdings has branded 2021 as a year of ‘strategic progress’, in which the company has realised its transformative objective to become a global leader in online betting and gaming.  Full-year 2021 trading saw 888 register record group revenues of $980 million, up 15% on corresponding FY2020 results of $850 million. Headline growth was achieved despite 888 countering “$70-100 million …

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Apollo reportedly still eyeing up betting industry interests

Apollo Global Management is still interested in expanding its foothold in the betting and gaming industry, according to reports from CNBC. The US business news outlet has stated that Apollo is in ‘preliminary discussions’ to merge its Yahoo Sports holding – the investment firm that purchased Yahoo last year – with sports betting companies, notably PointsBet.  According to CNBC’s sources, …

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