888 casino eyes Dutch market comeback during second half of 2022

888 casino eyes Dutch market comeback during second half of 2022

888 is looking to resume operation in the Dutch market during the second half of 2022. 

The operator revealed its plans Tuesday, October 19, after it decided to halt its operation in the country beginning this month. 

888 casino hiatus and 2022 comeback

888 casino believes the Netherlands still presents “an attractive medium-term opportunity’ for the company despite opting to take a business hiatus in the said jurisdiction.

The group disclosed plans to apply for an operator’s license in the coming months, though it becomes unclear when the online casino will secure the approval to accept bets in the market once again. 

Still, 888 casino hopes they will be back online at some point during the second quarter of 2022. The group expects that closing the business temporarily will adversely undermine its 2022 EBITDA by a conservative estimate of $10million. 

EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization is a widely used metric of corporate profitability, which helps compare companies against each other and industry averages.

Nevertheless, 888 has seen no changes in projections for 2023 and beyond. 

The third quarter of 2021 proved to be a productive period for the operator as its total revenue rose seven per cent to $229.9 (2020: $215.6m). As a result, its year-to-date performance jumped to $758.3m, indicating 28 percent from 2020’s $594.7m.

888 credited its “very strong performance” to a jampacked calendar of sporting events following a flurry of lockdowns that sent the sports industry reeling at the height of the COVID-19 pandemic. 

Quotes from the Press Release

Itai Pazner, CEO of 888, detailed another productive quarter for the company in the recent financial report: “Q3 2021 was a period of outstanding strategic progress for 888. During the period we announced the transformational acquisition of William Hill International, successfully launched SI Sportsbook in the US, and began operating 888sport under a new licence in Germany as we continued to execute our plan to build a global online betting and gaming leader. 

“Alongside these important strategic milestones, I am pleased with the group’s continued positive trading, particularly as we lap very tough comparative periods. 

“This performance reflects the continued success of our data-driven investments and execution against our product-leadership plan that delivers ongoing improvements in the usability, quality and safety of our sports betting and gaming products. 

“Underpinned by our advanced technology, leading products, and strong brands, as well as the increased scale, talent and diversification that the group will benefit from as a result of its combination with William Hill International, we have a very exciting platform for long-term growth.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.