Predicted minimal ongoing influence from significant gambling penalty, anticipates profit increase for 888
In a recent statement, 888 Holdings, a leading competitor of British gambling brand William Hill, has expressed expectations for significantly higher profitability in 2022 and the first quarter of 2023. This optimistic outlook comes despite William Hill's recent £92 million fine, the largest in the UK gambling industry's history.
The fine, issued last month by the UK gambling regulator, was a result of historic player safety failings at William Hill, particularly in the areas of social responsibility and anti-money laundering. The settlement in question was announced on March 28, 2023.
Contrary to initial concerns, 888 Holdings has stated that there will be no further impact on its UK operations or revenue expectations due to the settlement between the Gambling Commission and William Hill.
Itai Pazner, the Chief Executive Officer of 888 Holdings, made the financial year 2022 results and the trading update for the first three months of 2023 the focus of the statement. Pazner reiterated that 888 Holdings is well-positioned for growth, and the company remains confident in its ability to deliver on its financial targets.
The owner of William Hill, on the other hand, has acknowledged the fine and has indicated that the company will continue its operations. The statement, made by an unspecified representative of William Hill, did not disclose any specific plans for addressing the issues that led to the fine.
It is worth noting that the statement was not made by Sarah Taaffe-Maguire, who is associated with Sky News, but by an unspecified representative of 888 Holdings. Taaffe-Maguire did, however, report on the statement, providing additional coverage of the situation.
In conclusion, despite the record fine issued to William Hill, both companies appear to be moving forward. 888 Holdings remains optimistic about its financial prospects, while William Hill continues its operations, working to address the issues that led to the fine.
