{"id":283,"date":"2024-06-27T11:38:02","date_gmt":"2024-06-27T08:38:02","guid":{"rendered":"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/27\/888-holdings-considers-selling-us-operations\/"},"modified":"2024-06-27T11:38:02","modified_gmt":"2024-06-27T08:38:02","slug":"888-holdings-considers-selling-us-operations","status":"publish","type":"post","link":"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/27\/888-holdings-considers-selling-us-operations\/","title":{"rendered":"888 Holdings Considers Selling US Operations"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/bELvAxCmj4w\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>888 Holdings is contemplating the sale of its American operations. This decision stems from the highly competitive landscape in the US market, which necessitates substantial investments to achieve profitability. The company is exploring various avenues, including a complete or partial divestment, or even a complete withdrawal from the US market. A definitive timeline for this decision remains uncertain, but the company intends to inform its investors by the end of March. <\/p>\n<p>At this time, 888 functions in four regions within the United States: Colorado, Michigan, New Jersey, and Virginia.  However, only New Jersey possesses the genuine 888 brand, which is 888casino.<\/p>\n<p>888&#8217;s collaboration with Authentic Brands Group (ABG) permits it to manage sports wagering and online casinos in other states under the Sports Illustrated label. These consist of SI Sportsbook and SI Casino in Michigan, and SI Sportsbook in Colorado and Virginia.<\/p>\n<p>Nevertheless, the organization stated that the US market&#8217;s gross profit margin is lower than the group&#8217;s overall level. It added that this reflects &#8220;substantial&#8221; direct costs of market operations, including tariffs, market entry charges, and licensing fees. It also indicated intense rivalry from &#8220;well-funded existing participants.&#8221;<\/p>\n<p>Consequently, 888 believes that its current structure is not optimized for returns. This ultimately led to the commencement of a strategic examination of its US-facing operations.<\/p>\n<p>Separating from Sports Illustrated<br \/>\nFollowing the strategic examination, 888 also reached an agreement with ABG to end their partnership.<\/p>\n<p>888 agreed to pay ABG $25 million (\u00a319.7 million\/\u20ac23 million) in cash from available resources. The group will pay an additional $25 million between 2027 and 2029.<\/p>\n<p>According to 888, this is anticipated to generate annual operating cost savings of roughly $6 million to $7 million in 2024 and 2025.<\/p>\n<p>&#8220;Our collaboration with Authentic has consistently driven strong demand for the SI brand in terms of consumer experience and product offering,&#8221; Widerstr\u00f6m stated. <\/p>\n<p>The SI brand has been making new highs in the past few months, demonstrating its strength. <\/p>\n<p>However, despite these achievements, we have concluded that in the American market, we cannot reach a size that would generate profits in the near future.<\/p>\n<p>888 will be letting go of employees.<\/p>\n<p>This analysis comes after 888 announced in January that it would be reducing its workforce.<\/p>\n<p>888 confirmed this to iGB, stating that the changes would help it reach its long-term objectives. 888 did not reveal which departments would be impacted by the job cuts.<\/p>\n<p>Meanwhile, 888 reported an 8% decrease in income in 2023 to \u00a31.71 billion. 888 stated this was primarily due to active modifications to its dotcom market portfolio. The group said this affected income by about \u00a380 million in 2023.<\/p>\n<p>888 did not specifically mention the US in its trading update. However, it did note that its international business income fell 16% to \u00a3517 million.<\/p>\n<p>Positive outlook for 2024<\/p>\n<p>Despite this uncertain environment, 888 remains &#8220;optimistic&#8221; about its 2024 financial year income.<\/p>\n<p>In the update, the company said continued growth in active players gives it confidence in strong online income growth in the UK and international markets. 888 also said the impact of compliance and safe gambling will begin to annualize in February 2024, leading to a more positive impact on average income per user. <\/p>\n<p>A worldwide strategy to cut expenses was formally put into action in December 2023, with the goal of saving \u00a330 million. The strategy will accomplish this by boosting core competencies through automation and artificial intelligence-powered data and insights. 888 states that the cost savings will also fund marketing expenditures in 2024.<\/p>\n<p>While this will enhance long-term profitability, 888 says the additional investment means adjusted EBITDA in 2024 will be at the lower end of market expectations.<\/p>\n<p>Widerstr\u00f6m will oversee these changes, having assumed the role of CEO 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>Other changes at 888 in recent months include Sean Wilkins joining as Chief Financial Officer. Rik Barker is now Chief Information Technology Officer, and Ian Gallagher is 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>&#8220;I am certain that we will reduce debt and provide robust returns to investors in the years ahead,&#8221; Widerstr\u00f6m stated in January. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>888 Holdings is contemplating the sale of its American operations. This decision stems from the highly competitive landscape in the US market, which necessitates substantial investments to achieve profitability. The company is exploring various avenues, including a complete or partial divestment, or even a complete withdrawal from the US market. A definitive timeline for this [&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 selling its American operations due to intense competition. The company is exploring various options, including a complete withdrawal from the US market. 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