888 Holdings Reports Strong 2022 Financial Performance Driven by William Hill Acquisition

Betting and gaming firm, 888 Holdings, has published its trading update and financial performance for the year ending February 28, 2022.

The corporation announced £690 million (roughly $8.4 billion USD) in income and an adjusted EBITDA of £109 million for the fiscal year. This encompassed 52 weeks of William Hill’s global operations, acquired by 888, which added £1.36 billion in income and £238 million in adjusted EBITDA.

888 credited the favorable outcomes to the resurgence of retail and robust results in numerous regulated territories. Nevertheless, this was somewhat counterbalanced by the shutdown of the Dutch market and the enactment of heightened responsible gaming protocols in the UK’s online business.

Moving forward, 888 anticipates income between £330 million and £335 million for the half-year concluding June 30, 2022. This aligns with projections, with expansion in certain European markets counteracted by the effects of further responsible gaming actions and the provisional withdrawal from the Netherlands.

The William Hill operation is projected to produce income ranging from £620 million to £630 million for the 26 weeks ending June 28, 2022, mirroring the retail rebound but influenced by the strengthening of safer gambling policies in the UK online business and the modification or departure from specific markets, like the Netherlands, in the international online business.

In a distinct declaration, 888 also communicated its aim to secure £1 billion through a share placement via 888 Acquisitions Limited and 888 Acquisitions LLC.

The firm has obtained approximately $2 billion in senior secured credit facilities. This encompasses a combination of USD-denominated term loans (particularly Term Loan B) with a maturity date of 2028, and both fixed and variable rate senior secured notes issued in Euros, reaching maturity in 2027 and 2028.