888 Holdings Unveils Major Rebrand

888 Holdings Unveils Major Rebrand

888 Holdings, a prominent player in the betting and gaming industry, has announced a significant rebranding initiative alongside the unveiling of a new action plan. Despite facing continued challenges reflected in its net loss for the fiscal year 2023, the company remains determined to chart a path towards sustainable growth and profitability.

Financial Performance

In the fiscal year 2023, 888 Holdings reported a notable increase in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), amounting to £308.3 million, compared to £217.9 million in the previous year. This uptick in earnings was paralleled by a surge in revenue, reaching £1.70 billion, up from £1.24 billion in the preceding year. However, the company still grappled with a net loss of £56.4 million, albeit an improvement from the £120.5 million loss recorded in 2022.

Segment Analysis

The UK and Ireland segment emerged as the primary revenue driver for 888 Holdings, with revenue soaring to £658.5 million in 2023, a significant increase from £455.5 million in the prior year. Similarly, adjusted EBITDA for this segment doubled, underscoring its strategic importance to the company’s overall performance. Despite facing challenges in dotcom markets, the international segment experienced growth, particularly in Spain and Italy, with revenue climbing to £517.4 million. Furthermore, retail revenue surged to £535 million, attributed to enhanced product offerings and investments.

Operational Adjustments

888 Holdings implemented several operational adjustments aimed at enhancing profitability and sustainability. A notable shift in marketing approach towards sustainable revenue generation contributed to a significant reduction in marketing costs. However, operating expenses nearly doubled, primarily due to strategic investments and restructuring efforts. Nevertheless, the company managed to achieve an operating profit of £33.0 million in 2023, marking a turnaround from the previous year’s loss.

Financial Position and Outlook

Despite the challenging operating environment, 888 Holdings maintained a robust financial position, with cash reserves of £128 million as of December 31, 2023, supplemented by an undrawn revolving credit facility of £150 million. Net debt also decreased slightly to £1.7 billion, resulting in a stable adjusted net debt/EBITDA ratio of 5.6x. Looking ahead, the company projects revenue for Q1 2024 to range between £420 million and £430 million, demonstrating confidence in its ability to navigate ongoing uncertainties.

Leadership Transition and Strategic Vision

The appointment of Per Widerström as the new CEO heralds a new chapter for 888 Holdings, bringing with him a wealth of experience garnered from leadership roles in prominent gaming companies. Under his stewardship, the company unveiled a comprehensive Value Creation Plan (VCP) aimed at driving long-term success through operational excellence and strategic initiatives. The proposed rebranding to Evoke plc reflects a broader strategy to align the company’s identity with its multi-brand operating model and future aspirations.

Value Creation Plan and Strategic Initiatives

The Value Creation Plan outlined by 888 Holdings underscores its commitment to delivering sustainable growth and maximizing shareholder value. Key components of the plan include resetting the operating model to achieve £30 million in annual cost savings, streamlining market approach, and enhancing efficiency through margin expansion and disciplined capital allocation. Additionally, the strategic review of the US B2C business underscores the company’s focus on optimizing its portfolio for enhanced profitability.

CEO's Vision and Optimism

Despite the challenges highlighted in the recent earnings call, CEO Per Widerström remains optimistic about the company’s prospects, emphasizing the culmination of a new era marked by strategic clarity and financial targets. He expressed confidence in 888 Holdings’ leading market positions, technological capabilities, and management team, underscoring the potential for long-term success.


888 Holdings’ ambitious rebranding initiative and Value Creation Plan signal a strategic pivot towards sustainable growth and profitability amid evolving market dynamics. With a renewed focus on operational excellence and strategic alignment, the company is poised to navigate challenges and capitalize on emerging opportunities in the global betting and gaming landscape.


What prompted 888 Holdings to undertake a major rebranding initiative?
888 Holdings initiated the rebranding to Evoke plc as part of a strategic move to better align its identity with its multi-brand operating model and future growth objectives.

Who is Per Widerström, and what is his background in the gaming industry?
Per Widerström is the CEO of 888 Holdings, bringing extensive experience from leadership roles in prominent gaming companies such as Fortuna Entertainment Group, Bwin.party, and Gala Coral Interactive.

What were the key financial highlights for 888 Holdings in fiscal year 2023?
In fiscal year 2023, 888 Holdings reported a notable increase in adjusted EBITDA and revenue, despite facing a net loss. The UK and Ireland segment emerged as the primary revenue driver.

How did the UK and Ireland segment contribute to 888 Holdings’ revenue growth?
The UK and Ireland segment significantly contributed to revenue growth, with revenue soaring and adjusted EBITDA doubling in 2023. This segment remains pivotal to the company’s overall performance.

What strategic initiatives are outlined in 888 Holdings’ Value Creation Plan?
888 Holdings’ Value Creation Plan focuses on operational excellence, cost savings, market optimization, and disciplined capital allocation to drive sustainable growth and shareholder value.

How does 888 Holdings plan to enhance efficiency and profitability moving forward?
The company aims to enhance efficiency through margin expansion, operational streamlining, and disciplined capital allocation, coupled with strategic investments in core markets and product offerings.

What impact did the COVID-19 pandemic have on 888 Holdings’ operations?
The COVID-19 pandemic presented challenges but also opportunities for 888 Holdings, with increased demand for online gaming offsetting disruptions to retail operations.

Are there any potential risks or challenges facing 888 Holdings in the near term?
Key risks for 888 Holdings include regulatory changes, competitive pressures, and economic uncertainties, which could impact its financial performance and strategic initiatives.

How does 888 Holdings plan to optimize its market approach in different regions?
888 Holdings aims to adopt a simplified market approach, focusing on core markets with in-country scale and market-leading positions, while optimizing investments in other regions for strong returns.

What is the CEO’s outlook for 888 Holdings in the coming quarters?
Despite challenges, CEO Per Widerström remains optimistic about 888 Holdings’ prospects, citing its leading market positions, technological capabilities, and strategic initiatives as drivers of long-term success.


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