A prominent betting and gaming corporation, 888 Holdings, has published its initial Q3 earnings report, revealing a 10% revenue decrease compared to the corresponding period last year. Despite this contraction, the firm announced a 17% surge in its monthly active users.

888’s Q3 revenue amounted to £1.572 billion ($1.918 billion), falling short of the £1.744 billion earned in Q3 of the prior year. This reduction was attributed to diminished earnings in both the betting and gaming segments. Betting revenue witnessed a more significant decline of 17%, reaching £544 million, while gaming revenue saw a 5% reduction, amounting to £1.028 billion.

Further complicating matters, 888’s sports betting handle also experienced a 10% decrease, totaling £607 million in Q3 2023, down from £674.5 million in Q3 2022.

Nevertheless, there’s a positive aspect for 888: the company’s active player count expanded to 1,186 in Q3 2023, representing a substantial 17% rise from the 1,014 players recorded in the same timeframe last year.

Examining the year-to-date performance, 888’s revenue lags behind 2022 figures, reaching £4.93 billion compared to £5.452 billion for the equivalent period last year, signifying a 10% drop.

The gaming sector witnessed the most considerable decline in 2023, with 888’s gaming division revenue plummeting by 11% to £3.024 billion. The betting sector also encountered an annual loss, reaching £1.906 billion, marking a 7% reduction.

This performance announcement follows closely on the heels of 888 appointing Per Widerström as its new Chief Executive Officer. In a statement released alongside the update, Widerström conveyed his excitement about his new position and outlined his strategies for enhancement.

The remarkable aptitude, promise, and drive within this team have truly astonished me. Although we encountered some regulatory obstacles this year, the team’s dedication is undoubtedly yielding results. We are concluding the year on a high note and are strategically situated for substantial expansion in the coming years.

This enterprise possesses incredibly robust core principles and a well-defined trajectory toward lucrative growth. Nevertheless, there are aspects where we can enhance our performance, and we will maintain a sharp focus on tackling these areas to unleash our complete capabilities and propel value generation. I am enthusiastic about collaborating closely with the group’s gifted workforce, extraordinary leadership contingent, and the Board to guarantee we are poised to execute our strategies and optimize value for all parties invested.”