888 Holdings plc, one of the world’s most popular online gaming entertainment and solutions providers, will temporarily exit the Dutch online gaming market while Greentube takes action for the first time following an agreement with Holland Casino.
The company reported higher third-quarter revenue but said $10m would be knocked off 2022 profit after it was forced to close its Dutch operation.
888 Holdings decided to stop trading in the Netherlands at the end of the quarter due to rules changes. The company said it intended to apply for a local license in the Netherlands, but the closure would reduce 2022 earnings by about $10 million. 888 said it intended to operate again during the second half of 2022, but the timing was unclear.
While 888 must await a licence to operate in the country, which it hopes to receive during the second half of 2022, Greentube is celebrating its entry into the new market.
The 888 company consumer gaming revenue rose 11% to $193.5m led by casino games in the third quarter. That increase offset a 15% drop in consumer betting revenue to £26.8m when compared with the sporting calendar a year earlier. The FTSE 250 group said the third quarter was in line with its expectations and that it was confident that annual performance would meet it goals.
Chief Executive, Itai Pazner, commented:
“I am pleased with the group’s continued positive trading, particularly as we lap very tough comparative periods. This performance reflects the continued success of our data-driven investments and execution against our product-leadership plan that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products.”
Last month, 888 agreed to buy the international operations of bookmaker William Hill outside the United States from casino group Caesars for 2.2 billion pounds (2.57 billion euros). The online gambling firm stated the deal with casino giant Caesars Entertainment, including William Hill’s 1,400 UK betting shops.
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