{"id":245,"date":"2024-06-25T20:20:47","date_gmt":"2024-06-25T17:20:47","guid":{"rendered":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/25\/888-holdings-considers-us-exit\/"},"modified":"2024-06-25T20:20:47","modified_gmt":"2024-06-25T17:20:47","slug":"888-holdings-considers-us-exit","status":"publish","type":"post","link":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/25\/888-holdings-considers-us-exit\/","title":{"rendered":"888 Holdings Considers US Exit"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/2Lvc_rfAbi8\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>888 Holdings is contemplating a potential divestiture of its American operations. This strategic move is driven by the highly competitive nature of the US marketplace, necessitating substantial financial investments to achieve profitability. The company is exploring various avenues, including a complete or partial sale of the business, or even a complete withdrawal from the US market. While a definitive decision remains pending, 888 Holdings has committed to informing its investors of their chosen course of action by the end of March. <\/p>\n<p>Currently, 888 operates in four states within the United States: Colorado, Michigan, New Jersey, and Virginia.  However, only New Jersey utilizes the 888 brand, providing 888casino live services.<\/p>\n<p>888 has collaborated with Authentic Brands Group (ABG) to allow them to operate sports betting and online casinos in other states under the Sports Illustrated brand. These include SI Sportsbook and SI Casino in Michigan, and SI Sportsbook in Colorado and Virginia.<\/p>\n<p>However, the company stated that the US market&#8217;s gross profit margin is lower than the group&#8217;s overall level. They added that this reflects the &#8220;significant&#8221; direct costs of operating in the market, including tariffs, market entry fees, and licensing fees. They also pointed to intense competition from &#8220;well-funded existing competitors.&#8221;<\/p>\n<p>As a result, 888 believes that its current structure is not capable of maximizing returns. This ultimately led to the initiation of a strategic review of its US operations.<\/p>\n<p>Separating from Sports Illustrated<br \/>\nAs part of the strategic review, 888 also reached an agreement with ABG to terminate their partnership.<\/p>\n<p>888 agreed to pay ABG $25 million (\u00a319.7 million\/\u20ac23 million) in cash from existing resources. The group will pay an additional $25 million between 2027 and 2029.<\/p>\n<p>According to 888, this is expected to save approximately $6 million to $7 million in operating expenses each year in 2024 and 2025.<\/p>\n<p>&#8220;Our partnership with Authentic has driven strong demand for the SI brand in terms of consumer experience and product offering,&#8221; Widerstr\u00f6m stated. <\/p>\n<p>The SI Casino has been setting new benchmarks for months, demonstrating the power of the SI brand.<\/p>\n<p>However, in spite of these impressive accomplishments, it&#8217;s essential to recognize that attaining sufficient size in the American market to produce favorable returns in the near future is improbable.<\/p>\n<p>888 to Reduce Workforce<\/p>\n<p>This decision comes after 888 announced in January that it would be cutting staff.<\/p>\n<p>888 confirmed the news to iGB, stating that these modifications will aid it in achieving its long-term objectives. 888 did not reveal which departments will be impacted by the staff reductions.<\/p>\n<p>Meanwhile, 888 reported an 8% decrease in income for 2023, reaching \u00a31.71 billion. 888 explained that this was primarily due to proactive adjustments to its dotcom market portfolio. The group stated this affected income by approximately \u00a380 million in 2023.<\/p>\n<p>888 did not explicitly mention the US in its trading update. However, it did point out that its global business saw a 16% decline in income, reaching \u00a3517 million.<\/p>\n<p>Optimistic Outlook for 2024<\/p>\n<p>Despite these uncertainties, 888 remains &#8220;optimistic&#8221; about its income for the 2024 fiscal year.<\/p>\n<p>In the update, the company stated it is confident about robust online income growth in the UK and global markets due to continued growth in active players. 888 also stated the impact of compliance and safe gambling will begin to annualize in February 2024, leading to a more positive outlook for average revenue per user. <\/p>\n<p>In December 2023, 888 introduced a worldwide program to cut expenses, aiming to save \u00a330 million.  The strategy will be fueled by investments in automation and artificial intelligence-driven data and analysis to bolster core strengths. 888 declared that the cost reductions will also enable increased marketing expenditures in 2024.<\/p>\n<p>Although this will enhance long-term profitability, 888 stated that the extra investment will result in adjusted EBITDA in 2024 being at the lower end of market expectations.<\/p>\n<p>Widerstr\u00f6m will oversee these adjustments, having assumed the role of Chief Executive Officer in October 2023. However, he will be without Chief Commercial Officer Phil Walker, who stepped down in January after just six months in the position.<\/p>\n<p>In recent months, the newly structured 888 has implemented other changes, including the appointment of Sean Wilkins as Chief Financial Officer. Rik Barker now holds the position of Chief Information Technology Officer, and Ian Gallagher serves as Chief Product Officer.<\/p>\n<p>Fredrik Ekdahl joined in October as Group General Counsel, and Jeffrey Haas joined in January as Chief Growth Officer.<\/p>\n<p>Widerstr\u00f6m stated in January: &#8220;I am certain that we will reduce debt and provide strong returns to investors in the years ahead.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>888 Holdings is contemplating a potential divestiture of its American operations. This strategic move is driven by the highly competitive nature of the US marketplace, necessitating substantial financial investments to achieve profitability. The company is exploring various avenues, including a complete or partial sale of the business, or even a complete withdrawal from the US [&hellip;]<\/p>\n","protected":false},"author":1,"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 Weighs US Exit: What<\/title>\n<meta name=\"description\" content=\"888 Holdings is considering a US exit due to market competition. The company is exploring options like a sale or complete withdrawal. 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