888 Holdings shares plummet as online gambling is hit by slowdown
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888 Holdings shares plummeted on Friday after the gambling group revealed a massive drop in profits.
Pre-tax profits at the Gibraltar-based business tumbled by two-thirds to £14.4million in the first half of 2022 as loosening Covid restrictions and stricter safety measures led to a decline in Britons gambling online.
Profits were also dented by costs associated with selling its bingo division and Sports Betting acquiring William Hill's non-US operations, both of which were completed in early July.
Slowdown: 888 Holdings saw its pre-tax profits tumble by two-thirds due to loosening Covid restrictions and stricter safety measures causing a decline in Britons gambling online
dived 10.8 per cent, Sports Betting or 17.3p, to 142.7p on Friday, meaning their value has declined by around 60 per cent in the past 12 months.
The firm revealed total revenues fell by 13 per cent to £332.1million, with the largest fall occurring in the UK, where they plunged by a quarter after the group implemented lower affordability thresholds and caps on slots stakes.
Pre-tax profits at the Gibraltar-based business tumbled by two-thirds to £14.4million in the first half of 2022 as loosening Covid restrictions and stricter safety measures led to a decline in Britons gambling online.
Profits were also dented by costs associated with selling its bingo division and Sports Betting acquiring William Hill's non-US operations, both of which were completed in early July.
Slowdown: 888 Holdings saw its pre-tax profits tumble by two-thirds due to loosening Covid restrictions and stricter safety measures causing a decline in Britons gambling online
dived 10.8 per cent, Sports Betting or 17.3p, to 142.7p on Friday, meaning their value has declined by around 60 per cent in the past 12 months.
The firm revealed total revenues fell by 13 per cent to £332.1million, with the largest fall occurring in the UK, where they plunged by a quarter after the group implemented lower affordability thresholds and caps on slots stakes.
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