Crackdown on online gambling will dampen sales, betting group 888 warns ahead of £2.1bn William Hill UK takeover
888 completes acquisition of British company William Hill for £2.1 billion next month
A government crackdown on online gambling will weigh on sales, a major gambling group warned yesterday.
888, which offers gaming and sports betting and closes next month to complete the £2.1bn acquisition of William Hill’s UK operations, said turnover in the six months to July will be between £330m and £335m, down from £ 433 million last year.
The warning came ahead of a white paper on gambling, expected this month, that will update the 2005 gambling law to regulate the online market.
Measures are expected to include affordability checks and maximum stakes.
888 said the sale will also take a hit of £8m following its temporary departure from the Netherlands as it applies for a license in the newly regulated market.
And, in addition to the woes, the company is grappling with an industry-wide slump after the lockdown after online gaming boomed due to the pandemic.
Shares of 888 are down 57.5% in the past year.