888 Holdings announced several initiatives on Tuesday, including a name change to evoke.
The company said its new name would “better reflect the strength of the group’s multi-brand operating model and its vision and mission to make life more interesting by delighting players with world-class betting and gaming experiences,” according to the Financial Times.
888 is coming off a lackluster fourth-quarter 2023 earnings report. But many of its issues date back to the acquisition of William Hill’s international assets.
Shares of 888 have been under pressure due to rising debt costs associated with the William Hill purchase. Most of the debt 888 took on is tied to interest rates, which have substantially increased since the deal was announced back in 2022.
It also didn’t help that the company ran into regulatory issues, forcing its CEO at the time, Itai Pazner, to resign. The company’s current CEO, Per Widerström, has been working to refocus the company ever since his appointment in October.
New vision
The online casino and sports betting company will now focus on four core markets – the UK, Italy, Spain, and Denmark. Those four markets generate roughly 85% of the company’s revenues. Meanwhile, the company continues to wind down its U.S. consumer sports betting business.
Earlier this month, 888 announced it was terminating its deal with Sports Illustrated brand, owned by Authentic Brands Group.
888’s shareholders will need to approve the company’s name change at the 2024 annual general meeting. But since the shares of 888 jumped more than 5% following Tuesday’s announcement, approval of the new name seems likely.
