888 Announces Organisational Changes and Revenue Drop in 2023
In an announcement made by 888, the company revealed plans to make redundancies as part of changes to its organizational structure. The operator has reported an 8% year-on-year decrease in revenue for its 2023 financial year, amounting to £1.71bn (€2.16bn/€1.99bn).
The specifics of which departments will be impacted by the redundancies were not disclosed by 888, but a spokesperson stated that these changes are intended to support the company’s long-term strategic plans. The spokesperson also expressed regret for the roles that will be made redundant and committed to providing full support to affected colleagues.
The revenue decline in 2023, despite retail growth, is a notable point in 888’s recent trading update. The decrease was attributed to a shift away from dotcom markets, which resulted in an impact of approximately £80m in revenues. Furthermore, changes in customer mix in the UK due to safer gambling measures and alterations in marketing strategies were highlighted as contributing factors to the revenue drop. 888 emphasized that these changes have resulted in a “higher quality” and “more sustainable” business mix, with approximately 95% of revenue coming from regulated and taxed markets.
In addition to the organizational changes and revenue drop, 888 also confirmed the departure of Phil Walker from his role as chief commercial officer of the business. Walker, who assumed the position in July 2023, will be leaving after holding leadership roles across the company for five years. 888 expressed gratitude for Walker’s significant contributions and wished him well in his future endeavors.
The specifics of the redundancies, changes in organizational structure, and revenue drop in 2023 mark significant developments for 888. As the company continues to navigate these changes, further details and developments are expected to follow.